DTN Oil Update
Oil Prices Steady Ahead of Trump Announcement on Russia
VIENNA (DTN) -- Oil futures edged higher Monday morning ahead of a planned "major statement" by the U.S. President on Russia and the war in Ukraine. On Sunday, the White House committed to sending Patriot air defense missiles to Ukraine.
NYMEX-traded WTI for August was up $0.17 bbl to trade near $68.62 bbl, and ICE Brent for September delivery gained $0.22 bbl to $70.58 bbl.
August RBOB gasoline futures slid $0.0009 to $2.1861 gallon, and the front-month ULSD futures contract fell $0.0119 to trade near $2.4355 gallon.
The U.S. Dollar Index gained 0.131 points to 97.660.
Trump's statement came just two weeks after the U.S. halted military aid shipments to Ukraine committed to by the previous administration in what was the latest sign of the White House's newfound more hawkish stance on Russia. The possibility of tougher sanctions enforcement on Russian energy flows supported oil prices ahead of the anticipated presidential statement later Monday.
The European Union's latest planned sanctions package against Russia, meanwhile, risks to further tighten oil supply from the country, and is likely to include a downward adjustment to the price cap on Russian oil currently in place.
Market participants will be parsing a series of macroeconomic indicators scheduled for release this week for clues on the trajectory of oil demand. Industrial production figures from the Eurozone, the U.S. and China are due this week, as are inflation and retail sales data. China's National Bureau of Statistics is set to publish its second quarter GDP growth estimate at 10 p.m. EDT Monday tonight.
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