Oil markets rebounded sharply on Thursday as traders positioned ahead of Friday’s high-stakes meeting between President Donald Trump and Russian President Vladimir Putin in Alaska, while trimming their expectations for an immediate ceasefire deal.
- The USO ETF is surging rapidly. Check live prices here.
West Texas Intermediate crude jumped 2% to $64, snapping a two-day losing streak after a 10% slide from July highs.
The move comes despite a bearish 2026 forecast from the International Energy Agency, which projected a record global surplus of 2.96 million barrels per day driven by surging OPEC+ supply.
Trump: A 25% Chance Meeting With Putin Fails
On Thursday, Trump said there is a 25% chance that the meeting …