On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
The European Union has approved its eighteenth package of sanctions against Russia, introducing new restrictions on oil exports. The measures include implementing a dynamic price ceiling for Russian oil, set $15 below market value with reviews conducted at least twice annually.
Goldman Sachs warns that the era of rapid US oil production growth is ending, citing both the maturing Permian Basin and declining crude prices. The bank expects US output to fall this year and next as domestic producers, highly sensitive to price changes, pull back.
Saudi Arabia's seaborne oil exports remain high in July, following a sharp production increase in June amid rising geopolitical tensions. The country's total crude flows averaged 6.43 million barrels per day (bpd) in the first half of the month. This is the highest level in 16 months.
On Friday, concerns about reduced oil supplies from Iraq gave way to worries about a potential decline in energy demand due to uncertainty surrounding US tariff policy, as reported by Reuters. Consequently, oil prices changed little after rising in the previous session.
In the first half of 2025, oil supplies from Russia to India rose to 1.75 million bpd, up 1% year-on-year. Two major private refiners, Reliance Industries and Nayara Energy, were the main buyers of this crude.
Analysts at Canada's BCA Research predict gold prices will keep climbing as industrial metals lose appeal. Weak economic activity in China and higher US import tariffs are reducing demand for copper, iron ore and even oil.
According to Barclays analysts, oil demand in China remains resilient despite a surge in electric vehicle sales over the past few years. Meanwhile, strong consumption figures for the first half of the year suggest that the demand outlook could be raised.
Crude prices rose in early trade on Thursday, recovering from the previous session's losses. The rebound was driven by better-than-expected economic data from top oil consumers and easing global trade tensions, Reuters reports.
In recent months, global oil reserves have grown rapidly. Most of this growth has occurred in the Asia-Pacific region, helping to keep energy prices stable, Morgan Stanley reports.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
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