09:07 AM EDT, 08/11/2025 (MT Newswires) -- Oil prices rose off a two-month low early on Monday despite rising supply as the market focuses on Friday's planned meeting between U.S. President Donald Trump and Vladimir Putin, his Russian counterpart

West Texas Intermediate crude oil for September delivery was last seen up US$0.33 to US$64.21 per barrel, rising off the lowest since June 5, while October Brent oil was up US$0.35 to US$66.94.

Trump and Putin will meet Friday in Anchorage, Alaska, to discuss a potential end to Russia's invasion of Ukraine, with the U.S. administration hinting it will press Ukraine, which has not been invited to the meeting, to surrender lands currently controlled by Russia in exchange for peace.

"President Trump announced last week that he would meet President Putin in Alaska this Friday, with the extraordinary spectacle of the very country whose land is about to carved up in some sort of post-World War I and II repetition, Ukraine, not even having representation," PVM Oil Associates noted.

A deal between the two countries could see sanctions on Russian oil production relaxed, adding fresh barrels to an already over-supplied market. With Western Hemisphere supply already climbing, OPEC+ plans to end the return of 2.2-million barrels per day of production cuts with a final 548,000 bpd tranche of supply to market in September, even as the global economy slows amid U.S. tariff wars.

"OPEC+ continues to bring back production faster than previously planned, and before a meeting on Friday between Putin and Trump that may ease sanctions on Russia. In addition, the potential negative tariff impact on global demand continues to be watched closely," Saxo Bank noted.