Oil Slides to $66 as Traders Eye Trump-Putin Ukraine Talks

Oil futures slid in early Asian trading on Monday, extending the market’s sharpest weekly decline since late June. Brent crude was down roughly 0.8% at about $66 a barrel after falling 4.4% last week, while West Texas Intermediate traded below $64 following a 5.1% drop over the same period. Prices are under pressure as traders position for a 15 August meeting in Alaska between U.S. President Donald Trump and Russian President Vladimir Putin that could deliver a cease-fire in Ukraine. A peace deal would raise the likelihood of sanctions relief and a rebound in Russian crude exports, potentially swelling global supply. An increase in OPEC output, the drag from higher U.S. tariffs that took effect last week, and uncertainty over Tuesday’s U.S. consumer-price report are adding to the bearish sentiment. A softer-than-expected inflation reading could bolster expectations for Federal Reserve rate cuts and future oil demand, while a stronger print may reinforce stagflation fears.