Texas oil rises 3.75%, amid trade deals and Trump’s pressure on Russia

New York.– Intermediate oil from Texas (WTI) closed this Tuesday with a rise of 3.75%, to $69.21 a barrel, boosted by the trade agreement between the U.S. and the European Union and by the growing pressure from President Donald Trump on Russia. At the close of the day at the Mercantile Exchange of New York, WTI futures contracts for delivery in August added $2.5 compared to the previous session.

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The crude oil market warmly welcomed the tariff agreement reached between the U.S. and the European Union (EU), which sets a general levy of 15% on European products, compared to Washington’s initial threat to impose 30% tariffs on goods from the community bloc. Under this agreement, the EU also commits to purchasing US energy worth $750 billion and investing an additional $600 billion. This announcement reinforced demand expectations for the coming weeks and months, especially due to “the specific mention of the energy aspect”, points out analyst Tom Essaye in his daily report ‘Sevens Report’ this Tuesday. Essaye also points out Trump’s “increasingly urgent rhetoric” “about the end of the war between Russia and Ukraine” as one of the bullish factors in crude oil prices. And the Republican announced this Monday that he will reduce the deadline of the ultimatum to Russia for new sanctions if the Kremlin does not agree to sign peace. “I’m going to set a new deadline of about 10 or 12 days from today. There’s no reason to wait. We’re not seeing any progress,” Trump told the press in a second round of questions at the Turnberry golf complex (Scotland) in front of British Prime Minister Keir Starmer. On the other hand, operators are awaiting the Federal Reserve (Fed) monetary policy meeting, which began today and will end tomorrow, Wednesday. Analysts expect the U.S. central bank to hold interest rates in their current range.