Oil prices closed nearly $1 lower on Friday as traders awaited talks between U.S. President Trump and Russian leader Putin that could ease sanctions on Moscow. Brent crude settled down 1.5% at $65.85, while WTI crude fell 1.8% to $62.80. Trump arrived in Alaska for the summit, expressing hopes for a ceasefire in Ukraine. He threatened secondary sanctions on countries buying Russian oil if peace talks stall. Putin also arrived, with Russia expecting positive results. Weaker economic data from China raised concerns about fuel demand, despite higher oil throughput. Forecasts of a growing oil surplus and rising U.S. interest rates also weighed on sentiment.

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