Oil rises in anticipation of the Putin-Trump summit

Oil prices rose slightly on Thursday, as markets awaited the upcoming summit between the United States and Russia on Friday, at a time when fears of a widening global oversupply continue to weigh on investor sentiment.

Oil price movements in the markets

Brent is currently trading above the level of USD 65 per barrel, while WTI is settling near USD 62 per barrel.

This partial recovery comes after the two benchmarks fell yesterday to their lowest levels in two months, as a result of a sudden rise in US oil inventories and the International Energy Agency's forecast of an increase in the oil surplus in the coming period.

Anticipation of the US-Russian summit

Investors are betting that the meeting of Presidents Vladimir Putin and Donald Trump may contribute to easing geopolitical risks and sanctions affecting the oil market, but challenges remain if secondary tariffs are imposed on major buyers of Russian oil, such as China and Turkey, as well as India, where US President Donald Trump signed an executive order last week to impose additional tariffs of 25% on India's exports to the United States, noting that India imported Russian oil directly and indirectly.

He also hinted at the possibility of imposing similar tariffs on China, which could increase tensions in the global energy market.

Oil market forecasts

With prices remaining within a limited price range, investors are waiting for the results of the US-Russian summit to see if there will be a shift in the course of supplies or the level of sanctions, at a time when fears of oversupply and economic pressures remain present on the scene.