Crude Oil Jumps As Russia-Ukraine Peace Deal Still | Commodities
(RTTNews) – Crude oil jumped on Monday, with a pause in negotiations for a peace deal between Russia and Ukraine triggering nervousness about Western sanctions holding longer on Russian oil exports.
WTI Crude Oil for October supply was final seen trading up by $1.20 (or 1.89%) at $64.86 per barrel.
To finish the three-year-plus Russian battle with Ukraine, US President Donald Trump threatened Russia with sanctions on its billion-dollar oil exports with extra “penalty tariffs” on its patrons and concurrently pursued diplomatic efforts.
In the previous two weeks, Trump held separate face-to-face conferences with Russian President Vladimir Putin in Alaska and later with Ukrainian President Volodymyr Zelenskyy on the White House.
Following the conferences, Trump said that he was getting ready for leaders of the warring nations to fulfill individually. However, he renewed a risk to impose more sanctions on Russia if there was no progress towards a peaceable settlement deal with Ukraine.
Vice President JD Vance said in an interview that secondary tariffs on India (a main purchaser of Russian oil) are meant to make it tougher for Russians to get wealthy from their oil financial system.
This has given rise to extra provide aspect considerations on high of the latest choice by OPEC+ member nations.
Of be aware, the OPEC+ alliance has agreed to speed up the unwinding of 2.2 million barrels per day in manufacturing cuts by September 2025 which dangers oversupply whilst international oil demand growth is projected to stagnate at 700,000 barrels per day in 2025 and 2026 due to the impression of US tariffs.
In the close to short-term although, Northern Hemisphere summer time journey coupled with energy era demand have pushed refinery throughputs to report ranges.
Last Friday’s remarks by US Fed Chair Jerome Powell on the Jackson Hole Symposium in Wyoming, whereby there was a refined indication of an rate of interest cut in September has introduced cheer to financial markets as a low-key curiosity regime may enhance brisk international business exercise in addition to power demand.
As crude oil is a dollar-denominated commodity, merchants really feel that its price may fluctuate primarily based on September choice by the Fed.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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