Oil Prices Fall for 5th Straight Day, Longest Loss Since January
Crude oil prices have fallen for five consecutive days, marking their longest losing streak since January. This decline occurred as investors appeared unfazed by the threat of US sanctions against countries buying Russian oil. Currently, West Texas Intermediate (WTI) prices are below $65 per barrel, and Brent is just below $67, their lowest levels since early June.
US President Donald Trump's latest move was to double tariffs on imports from India to 50% because India continues to buy energy from Russia. These tariffs will take effect in three weeks. However, so far, no similar policy has been directed at China, which is also a major buyer of Russian oil.
On the diplomatic front, Trump stated that he would likely meet with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future to promote peace between the two countries. He also mentioned the possibility of additional sanctions related to purchases of Russian oil, although he did not elaborate further.
Oil prices had risen for three consecutive months, but are now under pressure again due to concerns about oversupply from OPEC+ and global economic uncertainty. Trump's new trade tariffs also added to market concerns about falling energy demand in the near future.
Source: Newsmaker.id
