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Oil markets wait on Trump-Putin summit

Oil markets wait on Trump-Putin summit
  1. Home
  2. Market Analysis
  3. Oil markets wait on Trump-Putin summit
  • Oil benchmarks wait for next fundamental spark
  • Progress towards deal could weigh on oil markets
  • Brent under pressure on daily charts


Oil benchmarks slipped on Friday as investors awaited a face-to-face meeting between Donald Trump and Vladimir Putin in Alaska.

Trump has already warned of severe consequences if Putin fails to agree to a Ukrainian ceasefire agreement.

Any signs of progress towards a deal to end the conflict could reduce geopolitical risk, further weighing on oil markets already dealing with oversupply fears from OPEC+ production.

Looking at the charts, Brent is trading below the 50, 100 and 200-day SMA.

  • A breakdown below $65 may open a path toward $62.50.
  • Should prices push above the 100-day SMA, this could open a path toward the 50-day SMA at $69.

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