FX.co ★ Oil Falls Amid Trade Uncertainty

West Texas Intermediate (WTI) crude oil futures declined to approximately $65.6 per barrel on Tuesday, marking the third straight session of losses. This downward trend is attributed to ongoing uncertainties surrounding U.S. trade negotiations, which continue to cast a shadow over the demand forecast. Market participants are paying close attention to the trade discussions between the European Union and the United States this week, as both parties aim to finalize an agreement ahead of the August 1 deadline. President Donald Trump has indicated that, failing a deal, he may implement a 30% tariff on a significant portion of EU exports. Concurrently, the market has largely dismissed the recent European sanctions targeting Russian energy exports, anticipating that these will have a negligible effect on global supply. In other developments, Iran announced on Monday its plan to resume nuclear negotiations with European powers within the week, with the objective of reinstating the 2015 nuclear accord and circumventing the reapplication of international sanctions.