FX.co ★ Oil Rises for 2nd Day

WTI crude oil futures climbed to approximately $63.1 per barrel on Tuesday, marking a second consecutive session of gains. This uptick was driven by ongoing geopolitical tensions. On Monday, the second round of direct peace negotiations between Russia and Ukraine concluded without significant progress, lessening hopes for resolving the three-year conflict. These discussions followed an increase in hostilities marked by Ukraine's drone attacks on Russian airbases and Russia's subsequent largest drone assault since the conflict began. Concurrently, OPEC+ maintained its planned output increases for July at the same pace as the preceding two months, mitigating concerns about a larger supply increase that could depress prices. Additionally, a declining US dollar made dollar-priced commodities like crude oil more attractive. The dollar's value decreased amid revived trade tensions sparked by President Trump's decision to double tariffs on steel and aluminum imports, coupled with growing uncertainty surrounding the US-China trade agreement.