Crude Oil Slips Before Trump-Putin Talks; Speculators Turn Bearish on Oil

Crude oil prices have fallen ahead of the much-anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin scheduled for later this week. Despite Trump’s August 8 deadline for Russia to reach a peace deal with Ukraine, no stricter U.S. sanctions have been imposed on Moscow, contributing to recent weakness in oil prices. Brent crude is trading at its lowest level since early June, as the market awaits progress on potential peace talks. Russia’s demand for Ukraine to cede occupied territory makes a quick resolution unlikely. Any de-escalation could ease sanction risks, likely pushing prices lower amid already bearish fundamentals.

Speculators have turned cautious, reducing their net long positions in both ICE Brent and Gasoil contracts, reflecting a bearish outlook despite ongoing geopolitical risks. Meanwhile, U.S. oil rig counts rose slightly last week for the first time since April, indicating tentative stabilization in production amid market softness. The overall picture is influenced by OPEC+ production increases and uncertain geopolitical developments.

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