WTI Crude Holds Near Five-Month Low Ahead of U.S.–Russia Talks

WTI crude oil futures hovered near a five-month low around $57 a barrel on Friday, heading for a third straight weekly decline, the longest losing streak since March, as traders assessed the global supply outlook ahead of upcoming U.S.–Russia talks.

President Donald Trump said he would meet Russian President Vladimir Putin in the coming weeks to discuss ending the war in Ukraine, sparking speculation that any breakthrough could ease restrictions on Russian oil output and add to a potential global supply glut.

Further pressure came from mixed signals out of India, where refiners said they would scale back, but not halt, purchases of Russian crude pending government guidance.

At the same time, the U.S. Energy Information Administration (EIA) reported a 3.5 million-barrel build in crude inventories last week, highlighting soft demand and reinforcing bearish sentiment in the market.