Trump and Putin met in Alaska, and international oil prices fell
2025-08-15 22:28:53
International oil prices continued to fall as commodity traders were closely watching the outcome of the meeting between U.S. President Trump and Russian President Vladimir Putin in Alaska.
Market speculation is that the meeting could lead to an easing of U.S. sanctions on Russia over the conflict with Ukraine. If this happens, Russian oil exports could flow more freely, increasing global oil supply.
Brent crude oil, the international crude oil benchmark, fell 0.99% during trading on August 15, trading at $66.17 per barrel.
West Texas Intermediate (WTI crude oil), the domestic crude oil benchmark in the United States, fell 1.06% during the day, trading at $63.26 per barrel.
Recently, global energy demand has weakened and market concerns about global oil oversupply have intensified, leading to a continued decline in crude oil prices.
Traders and commodity analysts said the global oil glut could worsen if Russian oil exports increase after the Trump-Putin summit.
A ceasefire in Ukraine was at the top of the agenda during Trump's meeting with Putin, after Trump said he believed Russia was ready to end the conflict.
However, Trump also threatened to impose secondary sanctions on countries that buy Russian oil if peace talks fail to make progress.
It remains to be seen whether sanctions on Russia will be eased or tightened. However, President Trump has no record of taking a tough stance against Putin and Russia.
At the same time, economic data released by China has an impact on the market. As the world's largest importer of oil and other energy products, changes in China's fuel demand have a significant impact on global markets.
China's refinery processing volume increased by 8.9% in July compared with the same period last year, but it was still down from the level in June.
Bank of America recently said it is widening its forecast for a global oil glut as supply from the Organization of the Petroleum Exporting Countries and its partners (OPEC+) and Russia continues to increase.
Bank of America currently predicts that the global oil surplus will average 890,000 barrels per day between July 2025 and June 2026.
Bank of America's forecast comes after the International Energy Agency (IEA) earlier this week pointed out that the current oil market is in a state of "oversupply."
Market speculation is that the meeting could lead to an easing of U.S. sanctions on Russia over the conflict with Ukraine. If this happens, Russian oil exports could flow more freely, increasing global oil supply.
Brent crude oil, the international crude oil benchmark, fell 0.99% during trading on August 15, trading at $66.17 per barrel.
West Texas Intermediate (WTI crude oil), the domestic crude oil benchmark in the United States, fell 1.06% during the day, trading at $63.26 per barrel.
Recently, global energy demand has weakened and market concerns about global oil oversupply have intensified, leading to a continued decline in crude oil prices.
Traders and commodity analysts said the global oil glut could worsen if Russian oil exports increase after the Trump-Putin summit.
A ceasefire in Ukraine was at the top of the agenda during Trump's meeting with Putin, after Trump said he believed Russia was ready to end the conflict.
However, Trump also threatened to impose secondary sanctions on countries that buy Russian oil if peace talks fail to make progress.
It remains to be seen whether sanctions on Russia will be eased or tightened. However, President Trump has no record of taking a tough stance against Putin and Russia.
At the same time, economic data released by China has an impact on the market. As the world's largest importer of oil and other energy products, changes in China's fuel demand have a significant impact on global markets.
China's refinery processing volume increased by 8.9% in July compared with the same period last year, but it was still down from the level in June.
Bank of America recently said it is widening its forecast for a global oil glut as supply from the Organization of the Petroleum Exporting Countries and its partners (OPEC+) and Russia continues to increase.
Bank of America currently predicts that the global oil surplus will average 890,000 barrels per day between July 2025 and June 2026.
Bank of America's forecast comes after the International Energy Agency (IEA) earlier this week pointed out that the current oil market is in a state of "oversupply."
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