08:35 AM EDT, 08/14/2025 (MT Newswires) -- Oil prices edged up from a 10-week low early on Thursday, a day ahead of a summit between the United States and Russia and a day after the latest warning the market is becoming over supplied.

West Texas Intermediate crude oil for September delivery was last seen up US$0.32 to US$62.97, rising off the lowest since June 2. October Brent oil was up US$0.28 to US$65.91.

U.S. President Donald Trump and Vladimir Putin, his Russian counterpart, will meet in Anchorage, Alaska, on Friday to discuss an end to Russia's war on Ukraine. Reports say Putin is looking to secure control of Ukrainian lands seized in Russia's invasion and end sanctions on the country's oil and gas exports. But any deal is likely to require the cooperation of Ukraine and the European Union, who have not been invited to the Anchorage meeting.

"The EU has imposed the bulk of sanctions that have targeted Russian energy exports, starting with the June 2022 6th package of sanctions that banned Russian seaborne oil imports as well as the provision of services that moved those barrels to third markets. At the time of writing, there are no clear indications that Europe will agree to significant territorial concessions, and we suspect that a number of European leaders will be skeptical that Putin will abandon his expansionist ambitions," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets wrote.

Still, the potential full return of Russian oil exports to international markets will weigh on a market that is already awash in oil even ahead of the final 548,000 barrel per day tranche of OPEC+ supply hikes in September, as it returns 2.2-million bpd of voluntary production cuts.

The International Energy Agency on Thursday and the Energy Information Administration on Tuesday warned global inventories are on the rise even as demand-growth slows, pressuring prices, with the EIA cutting its fourth-quarter forecast for Brent oil prices to US$58.00 per barrel in its August Short-Term Energy Outlook, down from US$71.00 per barrel July outlook.

"Prices have ... been pressured by the prospect of a growing supply glut, with the IEA warning it could hit a record next year, potentially weighing on prices and squeezing high-cost producers," Saxo Bank noted.