Oil Technical: Trump-Putin Summit Weighs on Crude Prices

Crude oil prices have extended their decline since early August's softer-than-expected NFP report sparked growth concerns, with WTI trading near multi-month lows. The bearish momentum accelerated following OPEC+'s anticipated production increase, adding supply pressure to an already weakening demand outlook. Market focus has shifted to tomorrow's Trump-Putin summit in Alaska, where discussions on potential ceasefire agreements could ease US sanctions on Russian oil exports. This development has reduced geopolitical risk premiums, contributing to the current downtrend. Technical indicators suggest further weakness, with key support levels at $68.50 and $67.00 per barrel. Any breakthrough in diplomatic talks could trigger additional selling pressure as markets price in increased Russian crude supply. Traders should monitor the summit outcomes closely, as failure to reach agreements might spark a relief rally in oil prices.