Russia is surprised by danger.
For the September delivery, WTI crude oil was last seen trading from $ 2.81 (or 4.21%) to $ 69.52 per barrel.
Around the mid -July, US President Donald Trump threatened Russia to end his war with Ukraine within 50 days or faced heavy sanctions, although Russia did not take it seriously. The proposed ban will slap 100% tariffs on buyers of Russian oil, China and India, notable.
A few days ago, Trump asked Russia to compromise for the ceasefire deal soon in about 10–12 days. However, Russia wonders that the attack on Ukraine continues yesterday.
Russia fulfills about 4.5% of global demand. In June, raw exports were 4.68 million barrels per day and 2.5 million BPD of sophisticated products.
As a positive for the demand side, with countries queuing to sign a trade agreement with the US before 1 August, traders are relieved that the deals will promote economic activity and encourage rapid crossing commerce. This, in turn, can increase the demand for oil through transport and increase in industrial energy use.
On the concerns of the supply side, OPEC+ is expected to increase production in August and Venezuela’s crude can re -enter the market after reducing US sanctions last week.
The traders are eyeing the ongoing two -day policy meeting of the ongoing US Federal Reserve, which ends up tomorrow to learn more about the decision to cut interest rate.
The data released by the US Commerce Department has shown that the US trade deficit in goods has compared $ 10.4 billion in June compared to May.
The US wholesale invention increased by 0.3% in May 0.2% month and month.
The Redbook index in the US increased by 4.90% for the week ended on 26 July.
The Housing Index in the US declined from 435.10 to 434.40 points in April in April.
Analysts are now being released this week on the June PCE inflation index and July Jobs report.
Hurti rebel groups have threatened to attack all ships (tie-ups with Israel) passing through the Red Sea, which has not been directly combated by the United States or West. The situation is tense but without any adverse event. Therefore, oil prices do not face any significant instability yet.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
