Oil held a drop after slumping by more than 2% on Monday as US President Donald Trump's latest plan to pressure Russia refrained from immediate new measures aimed at hindering Moscow's energy exports.
US benchmark West Texas Intermediate traded near $67 a barrel, while Brent settled near $69 in the previous session. Trump boosted military support for Ukraine to resist Moscow's invasion, and threatened to impose 100% tariffs if the hostilities did not end with a deal in 50 days. The planned action effectively represents secondary sanctions on countries buying oil from Russia, according to Matt Whitaker, the US ambassador to NATO, citing India and China.
Oil has lost about 7% this year, hurt by the fallout from Trump's trade war, signs of demand challenges in top importer China, and moves by OPEC+ to relax supply curbs. Taken together, the headwinds have fanned concern output may run ahead of consumption this half, creating a glut.
WTI for August delivery was unchanged at $66.98 a barrel at 7:21 a.m. in Singapore.
Brent for September settlement closed 1.6% lower at $69.21 a barrel on Monday.
Source : Bloomberg
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