The technical picture remains heavy. Crude sits below the 52-week moving average at $64.23, with resistance levels layered at $64.13 and $65.37. Without a weekly close above those levels, upside attempts look shallow.
On the downside, a move below $61.08 could open the door to test the psychological $60.00 mark. A failure there exposes deeper support in the $52.00 to $51.18 zone. With last week’s close at $62.80 and no clear shift in momentum, more likely than not we stay on the defensive—unless the Trump-Putin meeting response produces a headline jolt.
Crude Oil Slides into Weekend Lows — Trump-Putin Meeting Keeps Market on Edge
Crude futures finished the week under pressure, with WTI settling at $62.80, down $1.08 or -1.69%, marking its lowest weekly close since late May.
The market bounced off a low of $61.94 but failed to generate much upside follow-through as traders braced for fallout from Friday’s Trump-Putin summit.
With no formal statement released yet, attention now shifts to how the market digests the event into the Monday open.
Trump-Putin Summit Could Reprice Russian Supply Risk
Friday evening’s meeting between President Trump and President Putin (August 15, 20:00 GMT) looms large over the coming week. Trump signaled openness to easing sanctions if peace talks in Ukraine gain traction—but also warned of secondary tariffs if negotiations break down.
The stakes are high for crude flows, particularly for China and India, who’ve been top buyers of Russian barrels. Traders will be watching closely for any fresh headlines over the weekend that could reprioritize supply risk as the market reopens.
