Oil prices fall for the second day in a row despite the rising start of the week
WTI futures fell on Tuesday for the second day in a row extending their losses from the previous session, after US President Donald Trump gave Russia a 50-day deadline to agree to a ceasefire, easing fears that new sanctions could disrupt global crude oil supplies.
Trump also warned Russia yesterday that it will end its war in Ukraine within this deadline, otherwise it will face tariffs of up to 100%.
At the same time, Trump announced new weapons for Ukraine, including Patriot air defense missiles that Ukraine has been striving to acquire.
Prices were also pressured by fears that US tariffs could slow global economic growth and reduce energy demand.
However, prices at the technical level have reached strong support areas that may push oil prices higher again, even if only as a correction.
Investors are also waiting for the US consumer price data for June, due to be released on Tuesday, and will be watching for any upward pressure on prices as a result of tariffs.
