Oil Prices Steady in Asia as Trump–Putin Meeting Looms

Oil prices held near recent highs during Asian trading hours on Friday, following a sharp rise in the previous session, as investors awaited developments from a highly anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin.

By 22:34 ET (02:34 GMT), Brent crude futures for October slipped 0.1% to $66.79 per barrel, while West Texas Intermediate (WTI) crude was flat at $63.00. Both benchmarks had gained nearly 2% on Thursday but were still on track to end the week little changed.

Trump–Putin Talks and Oil Supply Risks
The two leaders are set to meet in Alaska on Friday to negotiate a potential ceasefire in Ukraine. Trump has warned of “severe consequences” if Putin refuses peace, including steep tariffs on major Russian oil buyers such as India and China.

Analysts caution that harsher restrictions on Russian energy exports could exacerbate global supply constraints, particularly in Europe and Asia. Conversely, any easing of sanctions in exchange for concessions from Moscow could quickly reverse price gains.

Macroeconomic Factors at Play
Thursday’s rally was tempered by U.S. producer price index data, which exceeded expectations and reduced the likelihood of a larger Federal Reserve rate cut in September. Markets still expect a quarter-point cut, though the odds of a half-point move have dropped.

Japan and China Economic Data
Japan’s economy expanded more than expected in Q2, driven by resilient exports and capital investment, which could support the case for further monetary tightening by the Bank of Japan.

In China, however, July industrial production and retail sales came in below forecasts, reflecting weaker overseas demand and sluggish consumer spending amid tariff pressures from the U.S.