Oil prices continue to rise supported by demand forecasts and anticipation of the Trump-Putin summit

Oil prices maintained their upward momentum during trading on Friday, August 15, reaching their highest levels in a week, as markets awaited the anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin, alongside positive indicators for economic growth in Japan as one of the largest oil importers globally.

Brent crude saw an increase of 0.2%, equivalent to 16 cents, settling at $67 per barrel, while West Texas Intermediate crude rose by the same percentage to reach $64.10 per barrel.

These gains were supported by President Trump's statements warning of potential "consequences" if Russia obstructs peace efforts with Ukraine, although he confirmed that Moscow seems ready to end the conflict, keeping markets on alert for any developments that may affect Russian supplies.

On the other hand, the market received a morale boost from Japanese growth data, which showed the economy expanded by 1% year-on-year during the second quarter, surpassing analysts' expectations of only 0.4% growth. Additionally, GDP grew by 0.3% quarter-on-quarter compared to expectations of 0.1%, reinforcing expectations for improved energy demand.

Oil markets continue to closely monitor geopolitical developments, especially with the upcoming U.S.-Russia summit that could impact supply stability, while positive economic indicators suggest a gradual recovery in global crude demand.