Oil Rises Ahead of U.S.-Russia Summit But Bearish Supply View Weighs on Sentiment

Oil prices were rising in early trade as investors look ahead to Friday's U.S.-Russia summit, though worries over a widening global surplus are keeping sentiment subdued. In early trade, Brent crude and WTI were both up 0.5% to $65.96 and $62.99 a barrel, respectively. "Hopes are high that Friday's meeting between Presidents Putin and Trump might remove much of the sanction risk hanging over the market," said Warren Patterson, head of commodity strategy at ING.

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