Crude oil prices are down based on the potential for easing sanctions on Russian oil after the Trump-Putin summit. The market is also worried about an oil oversupply through the end of the year. However, support comes from a weaker dollar and Trump’s delay of higher tariffs on China, which could boost global growth and energy demand.

President Trump’s threat of new tariffs on countries buying Russian energy could impact the oil market. JPMorgan Chase warns that triple-digit tariffs on Russian oil could lead to a supply shock due to the scale of Russian exports and limited OPEC capacity. OPEC+ is increasing production to reverse a 2-year cut, with concerns of a global oil surplus emerging.

A decrease in crude oil stored on tankers is positive for oil prices, as reported by Vortexa. US crude oil inventories are lower than the seasonal average, with gasoline and distillate inventories also below their respective averages. US crude production fell slightly, while the number of active oil rigs in the US increased by one, remaining above a 3.75-year low.

Read more at Yahoo Finance: Crude Oil Trades Lower Ahead of Friday’s Trump-Putin Summit