Oil prices were slipping in early trading but remained on track for a modest weekly gain, as traders balance concerns over softer demand heading into the fall and risks of disruption to Russian supplies.
Brent crude and WTI were each down 0.6% to $67.57 and $64.19 a barrel, respectively. Both benchmarks settled higher in the previous session, supported by Ukraine’s attacks on Russian energy infrastructure and German Chancellor Friedrich Merz reportedly saying direct talks between Russia’s Vladimir Putin and Ukraine’s Volodymyr Zelensky wouldn’t happen.
“The lack of progress towards a peace deal means risks of sanctions and secondary tariffs continue to hang over the oil market,” analysts at ING said.
