Oil Dips in Thin Summer Trading Ahead of Trump-Putin Meeting

Oil slipped as investors weighed US President Donald Trump’s deferral of lofty tariffs on China against possible outcomes from his planned meeting with Russia’s Vladimir Putin.

West Texas Intermediate dropped near $63 a barrel in muted summer trading, near last week’s two-month low. Trump extended for another 90 days a truce that was set to expire Tuesday. US inflation data, meanwhile, bolstered speculation the Federal Reserve will soon be able to cut interest rates.