FX.co ★ Oil Dips Ahead of US-Russia Summit

WTI crude oil futures slipped below $64 per barrel on Friday, slightly retracting a gain of over 2% from the previous session. This cautious trading precedes the anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska, which is scheduled for later today. The negotiations are focused on resolving the Ukraine conflict, with President Trump warning that a failure to reach an agreement with Putin could lead to "very severe consequences." Trump has previously issued a warning to Russia to conclude the conflict within a specified timeframe or face stricter sanctions, including secondary tariffs on major oil purchasers such as China and India. In other developments, newly released data from the Japanese government on Friday highlighted robust economic growth, suggesting increased oil demand from one of Asia's significant consumers. Additionally, growing expectations of a potential U.S. interest rate cut in September are lending support to oil prices, as the move could stimulate economic expansion and thereby boost oil demand. For the week, oil is anticipated to have a subdued trading session.