Commodities: Oil Market Awaits Trump's Russia Statement

ING Economic and Financial Analysis
4.59K Followers

Summary

  • Oil prices managed to move higher on Friday, with Brent settling 2.51% higher on the day. This is despite a deterioration in the tariff environment. With tariffs taking centre stage once again, oil demand concerns are starting to re-emerge.
  • There's the potential that Trump could announce additional sanctions on Russia. This could dramatically shift the oil outlook if sanctions target Russian energy.
  • In its latest monthly oil market report, the International Energy Agency cut its demand growth forecast to 700k b/d for 2025. Ignoring the Covid years, this would be the lowest growth rate since 2009.

Black Oil Barrels and Financial Charts on Stack of $100 Bills

spawns/iStock via Getty Images

By Warren Patterson, Ewa Manthey

Energy - Oil holds onto gains ahead of Trump statement

Oil prices managed to move higher on Friday, with Brent settling 2.51% higher on the day. The market remains well-supported in early morning

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