Refined product futures were up across the board early Friday after President Trump on Thursday said he planned to meet again with Russian President Vladimir Putin in an effort to end Russia’s war against Ukraine.

The more active December WTI contract was up 15cts to $57.15/bbl at about 12:15 p.m. ET, while the November contract was 17cts higher at $57.63/bbl. The December Brent contract was unchanged at $61.06/bbl, and January Brent was 10cts higher at $60.89/bbl.

Both oil benchmarks are on track to end the week down by $1-2/bbl, after the International Energy Agency earlier this week warned that the oil market is likely facing a larger-than-expected surplus. The ceasefire in Israel’s war with Hamas has helped to quiet concerns over Mideast supply.

The Nymex December RBOB contract was up 2.1cts to $1.776/gal and November RBOB was about 2cts higher at $1.8326/gal. The December ULSD contract was up 1.92cts to $2.1553/gal, and November ULSD was 2.1cts higher to $2.1745/gal.

Increased U.S.-China trade tensions have increased bearish sentiment in the oil market for much of the week. Trump on Friday said the extra 100% charge on goods from China he has threatened to impose in November weren’t sustainable.

The oil market finished sharply lower Thursday, after Trump said he invited Putin to meet in Budapest. Trump is also meeting Ukrainian President Volodymyr Zelensky at the White House Friday.

In U.S. spot refined product markets, Chicago gasoline prices jumped by more than 20cts and distillate values were about 8cts higher after BP confirmed a fire at its 440,000 b/d Whiting refinery in Indiana.

Refined product prices in Los Angeles were down sharply on an upcoming switch to lower-RVP fuel, while prices in other markets were mostly following futures.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

–Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

10-17-25 1254ET