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Brent crude futures were down 6 cents at $66.83 a barrel

Oil dips on announcement of Trump-Putin meeting

Thu, Aug. 7, 2025
oil prices
oil prices

Oil prices dipped on Thursday, wiping out gains earlier in the session, after the Kremlin said Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.

Brent crude futures were down 6 cents at $66.83 a barrel at 12:44 p.m. EDT. U.S. West Texas Intermediate crude fell 4 cents to $64.31.

Both benchmarks slid about 1% on Wednesday, touching their lowest in eight weeks, after comments from Trump on progress in talks with Moscow.

Kremlin aide Yuri Ushakov said on Thursday that Trump and Putin would meet in the coming days in what would be the first summit between leaders of the two countries since 2021.

A White House official had previously said that Trump could meet Putin as soon as next week.

The U.S., however, continued preparations to impose secondary sanctions on major buyers of Russian energy products to try to pressure Moscow to end the war in Ukraine.

Russia is the world's second-biggest producer of oil behind the United States.

The U.S. ordered a new set of tariffs on Indian goods. Trump imposed an additional 25% tariff on Indian goods on Wednesday, citing the country's continued imports of Russian oil. The new import tax will take effect on August 28.