Oil set for weekly loss as Trump-Putin summit looms

Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. Brent crude futures fell 8 cents, or 0.13%, lower at $60.98 a barrel at 0030 GMT, while U.S. West Texas Intermediate futures were down 9 cents, or 0.16%, at $57.37. On a weekly basis, both benchmarks were down nearly 3%, partly due to the International Energy Agency’s outlook for a growing supply glut in 2026. Trump and Putin agreed on Thursday to another summit on the war in Ukraine, a surprise move that came as Moscow feared fresh U.S. military support for Kyiv. The meeting may be held within the next two weeks in Budapest.