Oil Prices Decline Ahead of US-Russia Presidents' Meeting

Oil prices declined on the morning of August 15, following a strong rebound at the end of the previous trading session, according to trading data.

The cost of October Brent contracts on the London ICE Futures exchange fell by $0.22 (0.33%), to $66.62 per barrel. WTI oil futures for September on electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.25, to $63.71 per barrel, The Caspian Post reports.

The focus of the markets is on the meeting of US and Russian Presidents Donald Trump and Vladimir Putin, which is scheduled to take place in Alaska on Friday evening.

The American leader said on Thursday that he estimates the probability of the meeting ending unsuccessfully at 25%. On Wednesday, he promised that Russia would face "very serious consequences" if it does not agree to a ceasefire in Ukraine.

Earlier, US Treasury Secretary Scott Bessent said that Washington could use sanctions and secondary tariffs if the summit proves fruitless. Experts believe that if there are no signs of progress towards a ceasefire, the price of oil could jump by $10 per barrel from current levels. If a ceasefire agreement is reached, the price of oil could fall to $55 per barrel.