04:57 AM EDT, 10/17/2025 (MT Newswires) -- Crude oil prices dropped on Friday amid market uncertainty ahead of a surprise meeting between U.S. President Donald Trump and Russian President Vladimir Putin to discuss the Ukraine war.

Brent crude at last look fell 1.1% to US$60.40/barrel and West Texas Intermediate crude lost 1.1% to US$56.82/b. Prices are set to record a weekly loss of 3%, also due to an oversupply outlook for 2026 by the International Energy Agency earlier in the week, Reuters said in a Friday note.

Trump and Putin's meeting, to be held in Budapest, comes as Russia feared more military support for Ukraine from the U.S., which has also been pressuring India and China to halt Russian oil purchases, the report said.

"Concerns of tighter supplies were eased after it was announced that Trump would be meeting with Putin to discuss ending the war in Ukraine," Reuters quoted Daniel Hynes, an analyst at ANZ, as saying.