Latest Oil Market News and Analysis for Oct. 16

Oil fell to a fresh five-month low after US President Donald Trump said he'll meet with Russian counterpart Vladimir Putin to discuss ending the war in Ukraine, raising expectations that Russian crude may soon flow freely.

West Texas Intermediate fell 1.4% Thursday to settle near $57 a barrel, the lowest since May. Trump announced on social media Bloomberg Terminal that the US and Russia will hold high-level talks focused on ending the war next week, followed by a leaders' summit in Budapest.