After a continuous fall in oil prices, the market is following the US-Russia meeting and supply outlook.

Jin10 data reported on October 17, that crude oil futures stabilized and moved sideways after falling to a several-month low. This week, oil prices are under pressure mainly due to a dual impact of fundamentals and geopolitical factors. U.S. crude oil inventories increased for the third consecutive week, exacerbating concerns of oversupply in the market against the backdrop of record high production and declining refinery utilization rates; at the same time, the International Energy Agency (IEA) has a pessimistic outlook for oversupply in 2026, and renewed trade tensions have clouded the demand outlook. Naga analyst Frank Walbaum pointed out in a report: “Adding to the uncertainty is the upcoming meeting between Trump and Putin, which has sparked market speculation that the U.S. may ease sanctions on Russia, potentially further increasing global crude oil supply.”