Oil Prices Drop Following Trump's 50-Day Deadline for Russia - Jordan News
Meanwhile, the OPEC Secretary-General stated that oil demand will remain 'very strong' during Q3, helping maintain near-term market balance, according to Russian media (Reuters).
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Oil Prices Drop Following Trump's 50-Day Deadline for Russia - Jordan News
Oil prices fell on Tuesday after U.S. President Donald Trump's relatively long 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased immediate concerns over supply disruptions. اضافة اعلان Brent crude for August delivery dropped by 12 cents, or 0.2%, to $69.09 per barrel as of 06:10 GMT (Reuters), while U.S. West Texas Intermediate (WTI) for September delivery fell 16 cents, also 0.2%, to $66.82 per barrel. Both contracts closed more than a dollar lower than in the previous session. Priyanka Sachdeva, senior analyst at Phillip Nova, commented: "Trump's lenient stance on Russian oil sanctions has alleviated supply shortage fears, even as his tariff strategy continues to exert growing economic pressure." Oil prices had initially surged on expectations of sanctions, but they later gave up gains after the 50-day extension, raising hopes the sanctions might be avoided. Traders shifted focus to whether the U.S. would actually impose high tariffs on countries continuing to trade with Russia. Should Trump follow through on the proposed sanctions, 'It would drastically alter the oil market outlook,' according to analysts at ING Bank in a Tuesday note. The note also stated: 'China, India, and Turkey — the top importers of Russian crude — would need to weigh the benefits of discounted oil against the cost of their exports to the U.S.' On Monday, Trump announced new weapons for Ukraine, and on Saturday he said he would impose a 30% tariff on most imports from the EU and Mexico, effective August 1, adding to earlier threats aimed at other countries. These tariffs could slow global economic growth, potentially reducing fuel demand and pushing oil prices lower. Tuesday's data also showed a slowdown in China's economy in Q2, as markets brace for a weaker second half due to falling exports, declining prices, and waning investor confidence. Tony Sycamore, analyst at IG, noted: 'China's economic growth beat expectations largely due to strong fiscal support and front-loading of exports to the U.S. to avoid incoming tariffs.' 'Today's weak Chinese data directly affects commodities like iron ore and oil.' Meanwhile, the OPEC Secretary-General stated that oil demand will remain 'very strong' during Q3, helping maintain near-term market balance, according to Russian media (Reuters).
