Oil prices climbed about 2% to a one-week high on Thursday after U.S. President Donald Trump warned of "severe consequences" if his talks with Russian President Vladimir Putinon Ukraine fail, and on optimism that a likely U.

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Oil prices on Thursday looked to recoup their losses from the previous session and then some, as President Donald Trump prepares for what Phil Flynn, senior analyst at the Price Futures Group referred to as a “pivotal encounter” with Russian President Vladmir Putin on Friday in Alaska.