Overview

• The Alaska meeting between Trump and Putin signalled no immediate new sanctions on Russian energy and sent Brent to about $65.6 and WTI to $62.6 per barrel.
• White House adviser Peter Navarro’s criticism of India’s purchases of Russian crude reignited fears of secondary tariffs and supported a rebound in oil prices.
• Traders remain exposed to sudden price swings as speculators hold the first-ever combined net short position in WTI.
• Investors are shifting focus to Trump’s upcoming meetings with Ukrainian and European leaders for further clues on U.S. sanction policy.
• Market players are also eyeing Federal Reserve Chair Jerome Powell’s Jackson Hole speech for signals on the timing of U.S. rate cuts and the outlook for oil demand.