Oil prices slide as Trump-Putin meet to discuss Ukraine war
Oil prices slipped this week as US President Donald Trump and Russia's Vladimir Putin get ready for a summit in Hungary to discuss the Ukraine conflict.
With Brent crude now at $60.98 and US oil at $57.37 per barrel, prices are down nearly 3% for the week.
The International Energy Agency is also warning of a growing supply glut in 2026.
Factors affecting oil prices
A big reason for the price slide: US oil inventories jumped by 3.5 million barrels last week, hitting a record 423.8 million barrels, thanks to refinery slowdowns. US oil production is also at an all-time high.
Meanwhile, the Ukraine war and US sanctions on Russian oil are shaking up global markets—plus, the US is pressing India and China to buy less Russian oil.
All of this is making the energy scene even more unpredictable right now.