WTI crude oil futures fell to $64.4 per barrel on Tuesday after a nearly 2% gain in the prior session that lifted prices to their highest level in almost three weeks, with traders closely monitoring developments in the Russia-Ukraine conflict. Monday’s rally was fueled by concerns of supply disruptions after Ukraine launched drone strikes on Russian power and energy facilities on Sunday, while US President Donald Trump also warned that additional tariffs on Russia’s trading partners or further sanctions against Moscow could be imposed if no progress is made toward a peace deal within the next two weeks. On the demand side, expectations of looser US monetary policy offered support, as Federal Reserve Chair Jerome Powell last Friday signaled a possible rate cut in September, which could support economic growth and, in turn, boost energy demand.
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