Trump "stops pretending" and shortens the deadline for Russia-Ukraine peace talks, and US crude oil continues to rebound
2025-07-29 17:45:44
On Tuesday (July 29), U.S. crude oil prices continued to rise after yesterday's surge of more than 2.94%, mainly because Trump significantly shortened the deadline for possible oil sanctions on Russia.
U.S. crude oil began to fluctuate in the early European trading on Tuesday, forming a triple bottom during the day and then quickly stretching. Traders bet in advance that the Sino-U.S. negotiations the next day would go smoothly and that the Federal Reserve's interest rate decision on Wednesday would remain unchanged. U.S. crude oil traded around $67.22, up 0.36%.
Oil prices also benefited from concerns about tightening global crude supplies after Trump shortened the deadline for Russia and Ukraine to reach a peace agreement. On Monday, Trump said Russia now has about 10 to 12 days to consider whether to cease fire or face possible "secondary sanctions," a change from the 50-day deadline he set earlier this month.
Traders awaited further progress in US-China trade talks. Discussions were set to resume on Tuesday after senior economic officials from both countries met in Stockholm for over five hours on Monday. However, former US President Donald Trump also stressed on Monday that countries that refuse to negotiate a separate trade deal could face tariffs of 15% to 20%, significantly higher than the 10% rate set in April.
However, crude oil prices rose as global trade sentiment improved following a deal between the United States and the European Union. The trade agreement, which imposed a 15% import tariff on most EU goods, helped avert a full-blown trade war between the two major allies that could have affected nearly a third of global trade and curbed global crude oil demand.
The Federal Reserve is widely expected to hold its benchmark interest rate steady in a range of 4.25% to 4.50% on Wednesday. The Federal Open Market Committee (FOMC) press conference will be closely watched for any signs of possible rate cuts starting in September. Market participants are likely to focus on upcoming data releases this week, including the second-quarter personal consumption expenditures (PCE) inflation report and July's non-farm payroll data, for further insights into the health of the US economy.
Technical Analysis:
After rebounding from 78.40 to 0.618 percent, U.S. oil prices have entered a range-bound market. The key observation is whether it can hold above 66.82, the middle line of the box and the middle line of the Bollinger Bands. This is the watershed between bulls and bears.
(U.S. oil daily chart, source: Yihuitong)
Beijing time: 17:39, US oil is currently trading at 67.21
U.S. crude oil began to fluctuate in the early European trading on Tuesday, forming a triple bottom during the day and then quickly stretching. Traders bet in advance that the Sino-U.S. negotiations the next day would go smoothly and that the Federal Reserve's interest rate decision on Wednesday would remain unchanged. U.S. crude oil traded around $67.22, up 0.36%.
Oil prices also benefited from concerns about tightening global crude supplies after Trump shortened the deadline for Russia and Ukraine to reach a peace agreement. On Monday, Trump said Russia now has about 10 to 12 days to consider whether to cease fire or face possible "secondary sanctions," a change from the 50-day deadline he set earlier this month.
Traders awaited further progress in US-China trade talks. Discussions were set to resume on Tuesday after senior economic officials from both countries met in Stockholm for over five hours on Monday. However, former US President Donald Trump also stressed on Monday that countries that refuse to negotiate a separate trade deal could face tariffs of 15% to 20%, significantly higher than the 10% rate set in April.
However, crude oil prices rose as global trade sentiment improved following a deal between the United States and the European Union. The trade agreement, which imposed a 15% import tariff on most EU goods, helped avert a full-blown trade war between the two major allies that could have affected nearly a third of global trade and curbed global crude oil demand.
The Federal Reserve is widely expected to hold its benchmark interest rate steady in a range of 4.25% to 4.50% on Wednesday. The Federal Open Market Committee (FOMC) press conference will be closely watched for any signs of possible rate cuts starting in September. Market participants are likely to focus on upcoming data releases this week, including the second-quarter personal consumption expenditures (PCE) inflation report and July's non-farm payroll data, for further insights into the health of the US economy.
Technical Analysis:
After rebounding from 78.40 to 0.618 percent, U.S. oil prices have entered a range-bound market. The key observation is whether it can hold above 66.82, the middle line of the box and the middle line of the Bollinger Bands. This is the watershed between bulls and bears.
(U.S. oil daily chart, source: Yihuitong)
Beijing time: 17:39, US oil is currently trading at 67.21
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