Crude oil futures remained stable to a certain extent as traders could remain cautious in the face of rapidly changing global conditions.
On the supply side, the prospect of fresh U.S. and European sanctions on Russian oil exports could support prices, reflecting concerns over potential disruptions to global flows.
In this regard, traders could monitor any new announcements, in particular from the US, after Trump promised a statement on Russia.
The market could find support from solid demand over the short term during the peak northern hemisphere summer season. Consumption of transportation fuels and power generation could support oil demand. Additionally, Chinaโs oil imports surged to their highest daily level since August 2023 in June.
At the same time, the market could come under some pressure if OPEC members continue to increase output although a potential pause after September could help lift prices. Meanwhile, ongoing uncertainty over U.S. tariff negotiations is fueling caution, with potential implications for global economic growth and fuel consumption.
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