Oil prices fell on Friday, heading for a weekly loss of about 3 percent, amid uncertainty surrounding global energy supplies after US President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine.
Market movement
By 0645 GMT, Brent crude futures were down 16 cents, or 0.26 percent, at $60.90 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 15 cents, or 0.26 percent, at $57.31, according to Reuters data.
One of the reasons for this was the International Energy Agency's forecast of a supply glut in 2026.
Trump and Putin agreed on Thursday to hold another summit on the war in Ukraine, a surprise move that comes at a time when Moscow fears renewed US military support for Kyiv. The two leaders are expected to meet in Budapest within the next two weeks.
Ukrainian President Volodymyr Zelenskyy is visiting the White House on Friday to press for more military support, including long-range US Tomahawk missiles, while Washington has pressured India and China to stop purchasing Russian oil.
ANZ analyst Daniel Hynes said in a note that fears of tight supplies were eased after the announcement of Trump's meeting with Putin to discuss ending the war in Ukraine.
The Energy Information Administration reported on Thursday that U.S. crude oil inventories rose by 3.5 million barrels to 423.8 million barrels last week, compared to analysts' expectations in a Reuters poll for a 288,000-barrel increase, which pressured prices.
The larger-than-expected increase in crude oil inventories was largely due to lower refinery runs due to maintenance during the fall.
The data also showed that US production rose to 13.636 million barrels per day, an all-time high.
At settlement in the previous session, Brent crude fell 1.37 percent, and US crude lost 1.39 percent, its lowest level since May 5.
