Oil Steadies in Thin Summer Trading Ahead of Trump-Putin Meet
Brent was just shy of $67 a barrel, little changed for a second day after hitting a two-month low last week. Trump signed an order extending for another 90 days a trade truce that was set to expire Tuesday, causing a rally in wider markets.
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Absent any major drivers, traders are looking to a meeting between Trump and Putin later this week for signs sanctions on the major oil producer will be eased, although the US president on Monday downplayed expectations for a deal to end the war in Ukraine.
The aggregate trading volume of Brent is well below its daily average — suggesting traders are exercising caution as they seek further insight into the oil market's outlook. Prices are down 8% this month after trade and geopolitical tensions eased, while many anticipate a supply glut later this year.
Monthly reports from the Organization of the Petroleum Exporting Countries and the US Department of Energy later on Tuesday may help offer a snapshot of the supply-demand balance. US inflation data could shape the outlook for interest rates.
--With assistance from Charlie Zhu and Sarah Chen.
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