Oil prices showed minimal movement Wednesday as traders awaited two critical market-moving events: the latest U.S. crude inventory data and Friday’s high-stakes meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska. Brent crude edged down 0.05% to $66.09/barrel, while WTI dipped 0.13% to $63.09.
The Trump-Putin discussions—focused on potentially ending Russia’s war in Ukraine—could reshape global oil flows by easing sanctions on Russian exports. Analysts at ING noted markets are in “wait-and-see mode,” as a breakthrough might reduce supply risks that have buoyed prices since the 2022 invasion.
Meanwhile, API data showed a 1.52 million-barrel U.S. crude stock build last week, with gasoline stocks falling—a mixed signal ahead of the EIA’s official report. A confirmed inventory drop could suggest peak summer demand is waning.
Longer-term forecasts added pressure: OPEC and EIA both projected higher 2025 output, though the EIA sees U.S. production dipping in 2026. The White House dampened hopes for an imminent Ukraine ceasefire, leaving sanctions—and their price support—intact for now.