WTI crude oil futures rose to $64.1 per barrel on Tuesday, extending modest gains from the previous session after President Donald Trump extended a tariff truce with China by another 90 days. The announcement came just hours before new tariffs were due to take effect, alleviating fears of a trade war escalation that could hurt their economies and curb energy demand in the world’s top two oil consumers. Meanwhile, investors looked towards US–Russia talks on the war in Ukraine later this week. Trump on Monday has downplayed expectations of a breakthrough, saying the summit was intended to “feel out” whether a peace deal was possible. Hopes for a swift resolution were further dampened by comments from Ukrainian President Zelensky, who rejected any discussion of ceding territory to Russia. Still, any peace deal could reduce the risk of disruption to Russian oil supplies. Traders also await OPEC’s monthly report, along with US EIA and IEA forecasts, for fresh supply–demand signals.
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