Brent Crude Oil Trades at $67.12 per Barrel

The barrel price of Brent crude, which rose to $67.89 on Friday, closed the day at $66.62. As of 09:17 today, the price increased by 0.75% to reach $67.12. At the same time, West Texas Intermediate (WTI) crude oil was trading at $62.89 per barrel.

The rise in prices was influenced by concerns over potential cuts in Russia’s oil supply.

The Russian Ministry of Defense announced that 221 unmanned aerial vehicles (UAVs) were destroyed in attacks carried out by Ukraine on various regions, including the capital, Moscow. Aleksandr Drozdenko, Governor of the Leningrad Region, stated on his Telegram account that many UAVs were shot down around St. Petersburg. Drozdenko added that fires on a ship and at a fuel station in Primorsk Port caused by the attacks were extinguished, and no casualties occurred.

Meanwhile, U.S. President Donald Trump commented that European countries continue to buy oil from Russia, saying:
“European countries are my friends, but they are buying oil from Russia. We cannot be expected to oppose only our own side; I do not want them buying Russian oil. The sanctions they have imposed are not strong enough. I am ready to impose sanctions, but they will also have to strengthen their sanctions in proportion to what I do.”

According to a statement from the Canadian Ministry of Finance, additional measures to increase pressure on Russia were discussed at the G7 Finance Ministers Meeting. The statement noted that Russia’s attacks in Ukraine and the violation of Polish airspace were among the main reasons for the meeting. The G7 ministers also discussed various economic measures, including additional sanctions and tariffs, to increase pressure on Russia and target those supporting its war efforts.

In a joint statement regarding the G7 Finance Ministers Meeting, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer reiterated President Trump’s call: “If you are truly determined to end the war in Ukraine, join the U.S. in imposing tariffs on countries buying oil from Russia.”

The statement also highlighted the positive reception to commitments to explore the use of frozen Russian state assets to increase sanctions pressure and further support Ukraine’s defense:

“Only a united effort that cuts off revenues funding Putin’s war machine at the source can apply sufficient economic pressure to end this senseless massacre. Thanks to President Trump’s leadership, the U.S. has already taken dramatic measures against buyers of Russian oil. The assurance from G7 countries that they are determined to end this war encourages us and we hope they will take decisive steps alongside us during this critical period.”

Additionally, investors are turning their attention to trade talks between U.S. and Chinese delegations, which began in Madrid. The negotiations, led by U.S. Treasury Secretary Bessent and Chinese Vice Premier He Lifeng, are planned to continue until September 17. Discussions are expected to cover tariffs, export controls, and the future of TikTok.

From a technical perspective, Brent crude is seen with resistance at $65.80 and support at $60.30.

AA