Oil Retreats, Focus on Trade War and Russian Energy Sanctions
Oil remains in decline after posting its first weekly decline this month, with the primary focus on progress in trade talks and the European Union's efforts to limit Russian energy exports. Brent crude is trading around $69 per barrel after falling 1.5% last week, while West Texas Intermediate (WTI) is hovering above $67. European Union leaders will meet soon to formulate measures to be taken in the event of a trade deal breakdown with US President Donald Trump, who appears increasingly assertive ahead of the August 1 deadline.
Last weekend, the EU agreed to lower the maximum price for Russian crude as part of a package of sanctions against Moscow. These measures include restrictions on fuel derived from Russian oil, new restrictions on the banking sector, and a ban on one of India's major oil refineries. These sanctions are expected to put further pressure on Russia, which is already facing various economic challenges.
Oil prices have been trending upward since early May, but are still down about 7% so far this year. This price decline was partly triggered by the escalating trade war between the US and other countries, as well as the OPEC+ policy of easing supply restrictions. Oil prices also frequently fluctuate due to tensions in the Middle East and sanctions against oil-producing countries like Russia and Iran.
Source: (ayu-newsmaker)
