Baghdad: Oil prices held steady amid market anticipation surrounding an upcoming meeting between Russian President Vladimir Putin and US President Donald Trump, set for August 15. The possibility of reaching an agreement on the Russian-Ukrainian conflict contributed to this stability, despite oil experiencing its most significant weekly losses since late June.

According to National Iraqi News Agency, Brent crude futures saw a modest increase of 16 cents, closing at 66.59 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures settled at 63.88. Over the week, Brent crude experienced a 4.4% decline, whereas WTI closed down by 5.1% compared to the previous Friday’s close.

Market dynamics were further influenced by reports indicating efforts from both Washington and Moscow to reach a peace agreement regarding the war in Ukraine. Such an agreement could potentially lead to the easing of sanctions on Russia. However, trade tensions between President Trump and Russian oil buyers have been on the rise,
impacting market sentiment.

OPEC+ has recently agreed to increase oil production by 547,000 barrels per day for September. This decision is part of a series of production increases aimed at regaining market share and boosting supply in the global oil market.