Oil prices fell Friday as traders awaited a meeting between Trump and Russian President Vladimir Putin in Alaska, where a Ukraine ceasefire is a top agenda item, according to Reuters. Brent crude slipped 0.4% to $66.55 a barrel and WTI fell 0.6% to $63.61. Analysts said a ceasefire could increase Russian output, while failure to reach a deal could prompt more U.S. sanctions. Weaker Chinese factory and retail sales data added demand concerns, despite a year-over-year rise in refinery throughput. Forecasts of an oil surplus also pressured prices, with Bank of America now projecting an average 890,000 barrels per day surplus from July 2025 through June 2026 amid rising OPEC+ supply.
