Oil slips nearly 1% on Russia deadline, tariff risks

WTI Crude oil prices declined on Tuesday as easing supply fears and rising trade tensions weighed on the market. WTI futures slipped nearly 1% to $66.5 per barrel, while MCX July delivery oil fell over 1% to Rs 5712. Losses extended after US President Trump gave Russia a 50-day deadline to end the war in Ukraine, calming concerns about supply shocks. Adding pressure, Trump announced a 30% tariff on goods from the EU and Mexico effective August 1, fueling fears of slower global growth. China?s weaker Q2 GDP data also dented sentiment, highlighting fragile demand. Traders remained cautious ahead of US economic indicators and inventory reports.

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