WTI recovers to above $64.00, potential US-Russia talks in focus
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WTI price rebounds to around $64.10 in Thursday’s early European session.
US crude stockpiles fell by 3.029 million barrels to 423.7 million in the week ending August 1.
Potential US-Russia talks have tempered concerns about supply disruptions.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.10 during the early Asian trading hours on Thursday. The WTI edges higher after a five-day drop on a bigger-than-expected draw in US crude inventories last week and lingering concerns over the economic fallout from US tariff measures. Oil traders will closely monitor the prospect of the US. -Russian talks.
A decline in US crude oil inventories last week suggests demand remains firm and provides some support to the WTI price. The US Energy Information Administration (EIA) Crude Oil Stockpiles report showed crude oil stockpiles in the US for the week ending August 1 fell by 3.029 million barrels, compared to a rise of 7.698 million barrels in the previous week. The market consensus estimated that stocks would decrease by 1.1 million barrels.
On Wednesday, US President Donald Trump doubled tariffs on Indian goods due to the nation’s Russian energy purchases. The new import tax will go into effect 21 days after August 7. Trump also stated that further tariffs on China, similar to the 25% duties announced earlier on India, were possible.
"Tariffs are likely to harm the global economy, which will ultimately affect fuel demand," said Phillip Nova's senior market analyst, Priyanka Sachdeva, adding that markets are overlooking the fact that their impact will still be much greater on the US economy and inflation.
A White House official said on Wednesday that Trump could potentially meet with Russian President Vladimir Putin as early as next week. Trump said there was a "very good chance" he would meet soon with Putin and Ukrainian President Volodymyr Zelenskiy. Potential US-Russia talks regarding the Ukraine conflict have tempered concerns about supply disruptions, which might cap the WTI’s upside.
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