Oil prices inch up ahead of Trump-Putin meeting in Alaska
Oil prices just nudged higher after a recent dip, with all eyes on the upcoming Trump-Putin meeting in Alaska.
Investors are watching closely, since these talks could affect Russian oil exports—especially with the Ukraine conflict still ongoing.
Brent crude at $65.91 a barrel
Brent crude is up to $65.91 a barrel and US WTI sits at $62.89, thanks in part to Trump's warning of "severe consequences" if peace talks don't work out—think possible new sanctions on Russia.
Gains limited by rising US crude stockpiles
Even with hopes for a US Fed rate cut (which could mean more demand), oil price gains are limited by a surprise 3 million-barrel jump in US crude stockpiles last week and forecasts from the International Energy Agency that global oil supply will grow faster through 2025-26.
So, while there's movement, don't expect any wild swings just yet.