Oil Prices Steady ahead of Trump Announcement on Russia


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Oil futures edged higher Monday morning ahead of a planned 
"major statement" by the U.S. President on Russia and the war in Ukraine. On 
Sunday, the White House committed to sending Patriot air defense missiles to 
Ukraine.

   NYMEX-traded WTI for August was up $0.17 bbl to trade near $68.62 bbl, and 
ICE Brent for September delivery gained $0.22 bbl to $70.58 bbl.

   August RBOB gasoline futures slid $0.0009 to $2.1861 gallon, and the 
front-month ULSD futures contract fell $0.0119 to trade near $2.4355 gallon.

   The U.S. dollar index gained 0.131 points to 97.660.

   Trump's statement came just two weeks after the U.S. halted military aid 
shipments to Ukraine committed to by the previous administration in what was 
the latest sign of the White House's newfound more hawkish stance on Russia. 
The possibility of tougher sanctions enforcement on Russian energy flows 
supported oil prices ahead of the anticipated presidential statement later 
Monday.

   The European Union's latest planned sanctions package against Russia, 
meanwhile, risks to further tighten oil supply from the country, and is likely 
to include a downward adjustment to the price cap on Russian oil currently in 
place.

   Market participants will be parsing a series of macroeconomic indicators 
scheduled for release this week for clues on the trajectory of oil demand. 
Industrial production figures from the Eurozone, the U.S. and China are due 
this week, as are inflation and retail sales data. China's National Bureau of 
Statistics is set to publish its second quarter GDP growth estimate at 10pm ET 
tonight.




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