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Market & Economic Intelligence Platform Insight on Macro, Commodities, Equities & Policy

29 July 2025 22:43  |

Brent Crude Oil Approaches $71

Brent crude oil futures rose more than 1% toward $71 per barrel on Tuesday, extending a 2.4% gain in the previous session driven by stronger-than-expected US economic data and growing concerns over global supply risks.

President Trump warned Russia of “secondary sanctions” if it doesn’t agree to a Ukraine ceasefire within 10–12 days, with the Kremlin signaling no change in stance. The warning follows fresh EU sanctions on Russia, which also impacted India’s Nayara Energy, forcing it to cut refinery output.

On the macro front, US consumer confidence beat expectations, supporting optimism around demand. Attention now turns to the Aug. 1 trade deal deadline and the upcoming OPEC+ meeting that will decide September output levels.

Oil is on track for a third straight monthly gain, supported by strong summer demand and tight inventories in key regions. However, a potential supply glut later in the year looms as OPEC+ continues raising production.

Source : Trading Economics

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