Biography Flash: WTI Crude Plunges 16% as Trump-Putin Summit Looms and US Oil Output Hits Record Highs
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Biography Flash: WTI Crude Plunges 16% as Trump-Putin Summit Looms and US Oil Output Hits Record Highs
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WTI crude oil made headlines over the past 24 hours, closing at 57.54 dollars per barrel on October 17, a modest 0.14 percent uptick from the previous day but still sitting near a five-month low. This marks three straight weeks in the red for crude oil, with nearly 3 percent shaved off prices just this past week. Trading Economics notes a persistent trend—oil prices have dropped more than 9 percent over the past month and an eye-opening 16 percent since this time last year. Why the downturn? The story getting the most traction involves ballooning global supply worries. The International Energy Agency’s latest forecast points to a major crude oil glut brewing for 2026, and last week’s US inventory data showed a sharp rise. US oil production is now at a record high of 13.636 million barrels per day, stoking bearish sentiment and driving up storage bids at key trading hubs as traders brace for continued oversupply.
But it is geopolitics making just as much noise. The market is reacting to fresh news that Presidents Trump and Putin plan to meet in the next two weeks, hoping to hash out a way forward in the Ukraine war just after a temporary ceasefire between Israel and Hamas. Adding intrigue, President Zelenskyy sought military support including long-range Tomahawk missiles, while Washington dialed up pressure on India and China to scale back Russian oil imports. Indian refiners are in the spotlight for adjusting rather than fully ending Russian purchases, strategically waiting for government direction while public statements remain cautious.
In the background, Brent crude is doing little better—settling at approximately 61.29 dollars per barrel, also another weekly and monthly low according to Trading Economics and CME Group. The US Energy Information Administration reports another 3.5 million barrel build in American storage, driven by weaker-than-expected consumption and ongoing trade tensions, especially between the US and China.
Over the last ten days, prices on Goodreturns bounced from a high of 66.40 dollars down to this week's low around 62.18, underlining just how volatile global oil markets remain when every tweet, policy proposal, and diplomatic overture can rattle traders and investors. Weighing it all, analysts expect ongoing geopolitical uncertainty, supply-side risks, and currency moves to determine the next phase for crude oil pricing.
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