August 16, 2025
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Economy

Oil continues to rise ahead of Trump-Putin summit

Oil continues to rise ahead of Trump-Putin summitOil prices rose to a new weekly high. This happened after Trump’s threats to Russia and strong economic data from Japan.

”, — write: unn.ua

Oil prices rose to a new weekly high on Friday after US President Donald Trump warned of “consequences” if Russia blocked a peace deal with Ukraine, which heightened supply fears, UNN reports with reference to Reuters.

DetailsSentiment was also boosted by strong economic data from Japan, one of the world’s largest oil importers.

Brent crude futures rose 16 cents, or 0.2%, to $67.00 a barrel at 00:17 GMT (03:17 Kyiv time). US West Texas Intermediate crude futures rose 14 cents, also 0.2%, to $64.10.

All eyes are on Friday’s meeting between Trump and Russian leader Vladimir Putin in Alaska, where the main agenda item is a ceasefire in Russia’s war against Ukraine. Trump said he believes Russia is ready to end the war in Ukraine.

Trump estimates 25% chance of Putin meeting failure14.08.25, 19:31 • 8228 views

New Japanese government data released on Friday showed the economy grew 1.0% year-on-year in the April-June quarter, while the median market forecast predicted 0.4% growth. GDP growth led to a quarterly increase of 0.3% compared to a forecast of 0.1%. High economic activity usually stimulates oil consumption.

However, the prospect of higher interest rates in the US in the long term curbed further increases in oil prices. Higher-than-expected inflation data and weak employment figures in the US raised concerns that the Federal Reserve would maintain high interest rates, which usually curbs oil consumption.

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