WTI moves above $64.50 due to odds of Saudi Arabia raising August Oil prices for Asia

• WTI price gains ground as Saudi Arabia may increase its August crude Oil prices for Asian buyers.

• Oil prices rise due to news of Trump’s trade officials scaling back their tariff deal goals.

• The upcoming US employment data will likely offer fresh insights into the Fed's interest rate decision in July.

West Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $64.60 during the European hours on Tuesday. Crude prices gain ground as the world's biggest Oil exporter, Saudi Arabia, is expected to raise its August crude Oil prices for Asian buyers to the highest in four months.

The Reuters survey cited five sources, saying that the August Official Selling Price (OSP) for Arab Light crude may increase by 50-80 cents to between $1.70 and $2 a barrel from the previous month. This increase could be attributed to the rise in Oil prices during the Middle East conflict and to a solid summer fuel demand.

Additionally, Oil prices receive support from improved market sentiment following the news that the US President Donald Trump’s top trade officials are scaling back their goals for broad reciprocal agreements with trading partners. The US officials were seeking phased deals with the most engaged countries as they pushed on to reach an agreement by the July 9 deadline, when Trump had vowed to reimpose his harshest levies, according to four people familiar with the discussions, cited by the Financial Times.

However, the upside of the Oil prices could be restrained amid increasing interest-rate uncertainty in the United States (US), given the biggest Oil consumer. According to the White House, US President Donald Trump has formally raised complaints about high interest rates to Federal Reserve (Fed) Chair Jerome Powell, criticizing Powell as being “too late.” This renewed pressure, along with the tariff-driven impacts on near-term core inflation, makes it difficult for the US Federal Reserve (Fed) to move forward with rate cuts.

Traders adopt caution over a sweeping tax and spending bill currently under consideration in the Senate, which could add $3.3 trillion to the national debt. US President Donald Trump posted on Truth Social on Monday, “One great big beautiful bill is moving along nicely!” The Trump Administration has gotten costs down, very substantially, for the American Consumer. There has never been anything like this!