Today Donald Trump commented that the oil prices will fall below $60 per barell 'at some time', however the oil market is under the selling pressure since the end of the Israel - Iran war. Prices slide even as Russian refineries and terminals were burned after Ukrainian attacks on infrastructure targets. The reason of that is relatively high oil supply, favouring the 'selling trade'.
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President Trump threatened “very heavy” sanctions on Russia if no Ukraine deal is reached, sparking fears of weaker global energy demand.
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Trump pressed Moscow and Kyiv to negotiate directly, saying “it takes two to tango.”
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The US is preparing to impose steep tariffs on India for buying Russian oil.
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Duties on Indian imports were first set at 25%, then raised to 50%, effective since the Aug. 27.
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Indian exporters are bracing for disruptions as Washington and New Delhi continue talks.
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New sanctions and tariffs could slow economic growth and curb energy demand, adding pressure on oil prices.
Oil is under pressure from Trump’s Russia sanctions threat and looming US-India trade tariffs.
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On the chart we can see that on the hourly interval, the OIL.WTI tests $63 zone falling from $65 seen yesterday.
Source: xStation5
