Oil maintained its gains as Trump stepped up pressure on Russia
Oil prices made their biggest gains in more than five weeks after President Trump threatened to impose tariffs on Russia within 10 days if Moscow did not reach a truce with Ukraine.
Brent and WTI rose by more than 3.5% during yesterday's trading session, but today it is making some downward corrections.
We expect the impact of US sanctions on the oil market to be significant, as Russia exports more than 7 million barrels per day of oil and refined products, while this gives OPEC room to start scaling back additional production cuts, it will keep the market in deficit in the worst case.
Traders are also closely watching the US trade negotiations before the deadline on the first of August, and are waiting for the speech of Fed Chairman Jerome Powell for more indications about the interest rate cut.
