Commodities: Oil Shrugs Off Trump's Russia Tariff Threat

Summary

• ICE Brent settled a little more than 1.6% lower yesterday, taking prices back below US$70/bbl, despite President Trump threatening 100% secondary tariffs on Russia if President Putin didn’t make a deal within 50 days to end the war in Ukraine.
• OPEC will release its latest monthly oil market report later today. Last week, the IEA revised lower its demand growth estimates for this year. OPEC has held a more bullish demand outlook. So, it will be interesting to see if the group makes any downward revisions.
• LME copper prices fell below $9,600/t yesterday as requests to withdraw copper from the LME warehouses dropped by 25,100 tonnes to 15,875 tonnes. This is the biggest decline since March 2019. The drop comes ahead of a 50% tariff on US copper imports from August 1.

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By Warren Patterson, Ewa Manthey

Energy - The oil market doesn't buy the secondary tariff threat

ICE Brent settled a little more than 1.6% lower yesterday, taking prices back below US$70/bbl, despite President Trump’s “major statement” on Russia. Trump threatened to impose secondary tariffs