Oil is rising today but is on a strong weekly decline

WTI futures rose on Friday to a high of USD 64 per barrel, but are still close to a two-month low and heading for a decline of more than 4%, their worst week since late June, influenced by the easing of concerns about supply disruptions.

Reports indicate that presidents Trump and Putin will meet in the coming days, while a White House official said that the meeting may take place as early as next week.

Optimism about possible fruitful US-Russian talks on the Ukraine war eased concerns about supplies, despite US sanctions imposed on India for continuing to import Russian oil.

This week, Trump imposed new tariffs of 25% on Indian goods in response to its continued purchases of Russian crude oil, and hinted at the possibility of additional tariffs on China.

The forecast of an increase in OPEC production and the continuation of trade tensions remain the predominant negative consideration, raising concerns about slowing economic growth and weakening demand.