FX.co ★ Oil Picks Up for 2nd Session

WTI crude oil futures experienced a rise of over 1%, reaching $67.5 per barrel on Tuesday. This increase follows a 2.4% gain recorded in the preceding session, spurred by unexpectedly strong U.S. economic data and escalating concerns over potential global supply disruptions. President Trump issued a warning to Russia regarding "secondary sanctions" should it fail to agree to a Ukraine ceasefire within 10 to 12 days, while the Kremlin remains firm in its position. This development comes on the heels of new EU sanctions levied against Russia, which have also affected India’s Nayara Energy, compelling a reduction in refinery output. On a broader economic level, U.S. consumer confidence surpassed forecasts, fostering increased optimism about demand. Market participants are now focused on the August 1 trade deal deadline and the forthcoming OPEC+ meeting, which will determine the production levels for September. The oil market is poised for its third consecutive monthly increase, buoyed by robust summer demand and tight inventories in critical regions. Nevertheless, the possibility of a supply surplus later in the year poses a threat as OPEC+ continues to enhance production output.