DTN Oil Update
Oil Futures Dip Ahead Trump-Putin Summit
HOUSTON (DTN) -- Oil futures dropped on Friday, reversing gains from the previous trading day amid ample supplies and weak demand fundamentals, while market participants await a meeting between U.S. President Donald Trump and Russian President Vladimir Putin this afternoon to discuss a ceasefire in Ukraine.
The NYMEX WTI futures contract for September delivery fell by by $0.84 to $63.12 bbl, and ICE Brent for October delivery dropped by $0.75 to $66.09 bbl.
September RBOB gasoline futures dip by $0.0215 to $2.0841 gallon, in contrast, the front-month ULSD contract slid $0.0022 to $2.2323 gallon.
The Trump-Putin summit is scheduled to be held in Alaska at 3:00 p.m. EDT. The meeting carries both bullish and bearish risks, after President Trump on Wednesday warning of "severe consequences" should his Russian counterpart not agree to a deal.
"It is undeniably hard to predict the outcome of today's summit. But for now, we have not seen a huge impact on the dollar, which we still think will remain primarily driven by the US macro story over geopolitical developments," ING research said in a note this morning.
The U.S. Dollar Index dropped by 0.388 points to 97.720 against a basket of foreign currencies.
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