Brent moves lower as market eyes Trump-Putin talks

The front-month ICE Brent contract has moved $0.47/bbl lower on the day, to trade at $66.65/bbl at 09.00 GMT.

IMAGE: Oil storage tanks. Getty Images

Upward pressure:

Brent’s price has gained some support following the latest trade data from China.

The country has imported a total of about 326.6 million mt of crude in the first seven months of this year, about 2.8% higher than the corresponding period in 2024, market intelligence provider JLC reported, citing data from the General Administration of Customs (GACC).

Higher crude oil imports can signal demand growth in the second-largest crude oil consumer of the world. This can support Brent’s price growth, according to analysts.

Downward pressure:

Brent crude’s price has declined amid growing expectations that the US President Donald Trump and his Russian counterpart Vladimir Putin will meet soon to discuss a potential resolution to the Russia-Ukraine conflict.

The meeting could take place “as soon as next week,” remarked two analysts from ING Bank. However, it is unclear if Ukrainian President Volodymyr Zelenskyy will take part in the discussions.

This development holds significance for the global oil market, as Trump has been pressing for a ceasefire in Ukraine and has threatened secondary tariffs on buyers of Russian oil.

“This [meeting] is important because it could affect the secondary tariffs on India, depending on how discussions go,” the two analysts added.

By Aparupa Mazumder

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