Petrol Prices Decline Ahead of Trump and Putin Meeting

Petrol Prices Decline: Trump-Putin Summit Impact

Petrol prices are showing a slight decrease in early trading on Friday ahead of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin aimed at ending the war in Ukraine, targeting a weekly loss.

Current Status of Oil Prices

Brent crude oil futures fell by %0.13 to $60.98 per barrel at 03:30 UTC, while U.S. crude oil (WTI) traded at $57.37, down %0.16.

Discussions and Supply Concerns

Trump and Putin have decided to hold a new summit on the Ukraine war on Thursday. This development aligns with Moscow's concerns over Washington's supply of new military support to Kiev. The meeting is expected to take place in Budapest within the next two weeks.

Meanwhile, Ukrainian President Volodymyr Zelensky is signaling a time on Friday to request more military support from the U.S., including long-range Tomahawk missiles. Washington continues to exert pressure on India and China to halt their oil purchases from Russia.

Analyst Opinions and EIA Data

ANZ analyst Daniel Hynes commented, "The announcement that Trump would meet with Putin to end the war in Ukraine has eased concerns that supply will tighten further."

One of the pressures on prices is also due to data released by the U.S. Energy Information Administration (EIA) on Thursday. The EIA reported that U.S. crude oil stocks rose by 3.5 million barrels last week, reaching 423.8 million barrels.