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2025.08.0718:10:27UTC+00WTI Crude Retreats, Marks 6-Day Decline

WTI crude oil futures declined to around $64 per barrel on Thursday, marking a potential six-day losing streak. This drop is primarily driven by optimism for a diplomatic solution to the ongoing conflict in Ukraine. The Kremlin announced that Russian President Vladimir Putin is slated to meet with US President Donald Trump in the upcoming days. This meeting, their first summit since 2021, has increased hopes for de-escalation, thereby exerting downward pressure on oil prices. This reaction occurred despite seemingly favorable market fundamentals, such as a larger-than-anticipated withdrawal of 3 million barrels from US crude inventories. Concurrently, Trump enacted a new 25% tariff on Indian goods in response to India's continued import of Russian oil and indicated potential additional tariffs on Chinese imports. Additionally, Saudi Arabia raised its September crude prices for Asian purchasers for the second month in a row, attributing the increase to constrained supply and robust demand. Nevertheless, global economic uncertainties and evolving geopolitical landscapes continue to limit any significant upward movement in the oil markets.

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