7/8/2025–|Last update: 17:19 (Mecca time)
Oil prices rose today, Thursday, to stop a series of losses that lasted for 5 consecutive days, amid indications of the stability of demand in the United States, the largest oil consumer in the world, but the possibility of American -Russian talks on the war on Ukraine calmed down fears of supply disorder as a result of more sanctions.
Brent crude futures rose 0.91% to $ 67.50 a barrel, in the latest transactions at the time of writing the report, and US West Texas Intermediate crude increased 0.93% to $ 64.95.
The two crudes fell by about 1% to their lowest levels in 8 weeks yesterday after US President Donald Trump’s statements about progress in talks with Russia, which is the second largest high oil producer after the United States.
A White House official said yesterday that Trump may meet with Russian President Vladimir Putin next week, although the United States continues its preparations to impose secondary sanctions that may include China to pressure Moscow to end the war in Ukraine.
https://www.youtube.com/watch?v=8ihunbdizay
The Energy Information Administration said yesterday that US crude oil stocks decreased 3 million barrels to 423.7 million barrels in the week ending August 1, which exceeds analysts’ expectations for a Reuters poll, decreasing 591 thousand barrels.
Inventories decreased with the rise in US crude exports and the increase in the average consumption of refineries, but Hiroyuki Kikokawa, the chief analyst in Nissan Securities Investment, said that investors are cautious in light of the unstable nature of the conversations and the general situation of supply and demand with the increase of the main producers to produce them.
Kikokawa added that “the state of uncertainty about the results of the upcoming US -Russian summit, the potential additional fees on India and China, who are the main buyers of Russian crude, and the broader influence of US definitions on the global economy, all of this pushes investors to be careful,” Kikokawa added.
He continued, “With the increases planned by the OPEC Plus coalition, which affect prices, it is likely that West Texas Intermediate crude will remain in the range of $ 60-70 for the rest of the month.”
Trump yesterday announced additional fees by 25% on Indian goods, and attributed the decision to the continued purchase of India Russian oil. The new import fees will enter into force after 21 days.
The US President also waved more customs duties on China by 25%, due to its purchases of Russian oil.
gold
The price of the yellow metal increased with the support of the renewed demand for safe haven after Trump imposed additional fees of 25% on Indian imports, which deepened commercial differences.
And the price of gold in instant transactions increased 0.09% to 3372.90 dollars an ounce and US gold futures rose 0.4% to $ 3447.6.
Tim Water, chief market analyst at KCM, said that Trump’s new threats about customs duties “keep gold in the scene a defensive tool for investors.”
The new import tax – which will enter into force after 21 days from the seventh of August – will raise the fees on some Indian exports to up to 50%, which is one of the highest fees imposed on Washington’s commercial partners.
Trump said his administration will impose customs duties of approximately 100% on semiconductor imports, but he excluded companies that are manufactured internally or pledged to do so.
The dollar index approached its lowest levels in more than a week, after the US job data – which surprisedly came last week – raised expectations for the Federal Reserve’s reduction in the interest rate in September, which provided a boost to gold.
According to the CME, customers now expecting 95% interest rates to be 25 points, mainly 25 points next month.
Nile Kashkari (the head of the Federal Reserve Bank in Minneapolis said the Reserve Council may have to reduce interest rates in the short term in response to a slowdown in the American economy.
Gold is one of the origins of safe haven in times of political and economic fog, and tends to prosper when interest rates are low.
As for other precious metals, its performance was as follows:
- Silver in instant transactions rose 0.36% to $ 38.36 an ounce.
- Platinum fell 0.92% to 1324.68 dollars.
- Palladium rose 0.52% to $ 1148.65.
