FX.co ★ Oil Heads for Third Straight Weekly Loss

WTI crude oil futures remained near a five-month low of $57 per barrel on Friday, marking a potential third straight weekly decline, the longest such streak since March. Investors were concentrated on the supply forecast as upcoming US–Russia negotiations loomed. President Trump stated his intentions to meet with Russian President Putin in the ensuing weeks to explore a potential resolution to the conflict in Ukraine. This has sparked speculation that successful discussions may lead to eased restrictions on Russian oil production, which could subsequently contribute to a global surplus. This uncertainty was compounded by conflicting reports regarding India's purchases of Russian crude oil; Indian refiners indicated plans to reduce, rather than completely cease, imports, pending directives from New Delhi. This follows Trump's announcement regarding an anticipated halt in purchases. Concurrently, the US Energy Information Administration (EIA) disclosed an addition of 3.5 million barrels of crude to storage last week, heightening concerns about sluggish consumption and further affecting the demand outlook amid persistent US–China trade tensions.