09:08 AM EDT, 08/08/2025 (MT Newswires) -- Oil prices rose early on Friday after falling for six-straight session with traders looking to the potential end of Russia's war on Ukraine as U.S President Donald Trump and his Russian counterpart, Vladimir Putin, are expected to meet as soon as next week to discuss a ceasefire.

West Texas Intermediate crude oil for September delivery was last seen up US$0.29 to US$64.17 per barrel, rising off a two-month low, while October Brent crude was up US$0.35 to US$66.78.

Traders are eying the potential for the U.S.-Russia talks to end the war on Ukraine, while Israeli plans to take control of Gaza is also in focus.

"Geopolitics remains the primary driving force. The latest, and highly controversial, Israeli plan to take military control of all of Gaza is dwarfed in relevance by the Trump-Putin summit scheduled for next week. It is far from clear what will be achieved at the meeting, which will take place without Ukraine at the table ... Nonetheless, the market does not expect a significant tightening of the oil balance, as an oil price rally would run counter to US interests. Consequently, oil has been struggling to gain momentum recently and is on track to record its lowest weekly settlement since June," PVM Oil Associates noted.

The summit comes as the market remains over supplied, as OPEC on the weekend agreed 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.