Oil companies down as crude drops on growing glut and Trump-Putin meeting

EOG Resources

17/10/2025 11:40

** Shares of energy companies fall premarket, tracking declining crude prices

** Brent crude futures LCOc1 down 1.2% at $60.33 a barrel, while U.S. West Texas Intermediate crude CLc1 declines 1.2% to $56.77 a barrel

** Oil prices edge lower , heading for a weekly loss of around 3% after the International Energy Agency (IEA) forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine O/R

** "Now that the two leaders are expected to meet, it could be a sign that the U.S.'s stance on Russia may ease. If so, that should push prices lower," said Tamas Varga, analyst at PVM

** Oil majors Exxon XOM.N and Chevron CVX.N fall 0.3% and 0.5% respectively

** Oil and gas producers ConocoPhillips COP.N, EOG Resources EOG.N, Occidental Petroleum OXY.N, Devon Energy DVN.N and  SM Energy SM.N dip between 0.7% and 3%

**Shares of top oilfield services firms Halliburton and SLB SLB.N fall 2% and 1% respectively

 (Reporting by Varun Sahay)

 ((Varun.sahay@thomsonreuters.com))