Oil prices rose on Trump's statements about sanctions

Oil prices are rising on Wednesday morning after falling to 5-week lows the day before. The market is reacting to statements by former US President Donald Trump about the possibility of imposing sanctions against countries that buy Russian oil.

Brent crude futures rose to $68.61 per barrel. A day earlier, they fell to $67.57. September WTI contracts on the NYMEX totaled $66.15 per barrel, after falling by $1.13 in the previous session. Yesterday, prices reached their lowest levels since the beginning of July amid concerns about a reduction in demand due to the global economic slowdown and increased production by OPEC+ countries.

Additional volatility in the market was caused by Trump's statements, threatening to increase duties on Indian goods if Delhi continues to purchase oil from Russia. He also suggested that a further decline in oil prices could increase pressure on Moscow and stimulate negotiations on Ukraine.

Analysts believe that a reduction in purchases may lead to a decrease in supply on the market. At the same time, while maintaining the same level of imports, WTI oil is forecast to remain in the range of $60-70 per barrel until the end of August.

Prices on Wednesday were supported by fresh API data: oil reserves in the United States fell by 4.2 million barrels last week, while analysts expected a drop of only 1.8 million. The official report of the US Department of Energy will be published in the evening.