Nymex WTI crude Aug, futures settle at $67.20 a barrel

Nymex WTI crude Aug, futures settle at $67.20 a barrel

Title: Nymex WTI Crude August Futures Settle at $67.20 a Barrel

July 02, 2025

Nymex WTI crude August futures settled at $67.20 a barrel on July 2, 2025, marking a modest increase from the previous session. The trading session was characterized by a relatively flat market, with WTI oil prices trading around $66.00 during the European session on Monday [1].

The European Union (EU) approved sanctions on Russian energy exports, which could potentially limit the flow of crude oil. However, the impact on the oil price was mitigated by uncertainty surrounding U.S. trade negotiations. The U.S. has been threatening to increase tariffs on the EU, which has limited the upside in oil prices [1].

The U.S. President's threat to increase the baseline tariff rate from 10% to 15%-20% has added to the market's unease. The U.S. has already announced trade deals with several countries, including the UK, Vietnam, and Indonesia, but the August 1 deadline for the latest tariff threats looms [3].

Technically, the impact of the EU sanctions should be positive for the oil price, as it limits the supply of Russian crude. However, the overall market sentiment remains cautious due to the uncertainty surrounding U.S. trade policies [1].

Additionally, the U.S. crude oil stockpiles posted a second consecutive weekly build, increasing by 7.1 million barrels. This data suggests that supply is outpacing demand, which could put downward pressure on prices [3].

Despite these factors, the oil price has shown resilience, with WTI futures closing at $67.20 on July 2, 2025. The market remains watchful for further developments in trade negotiations and the impact of the EU sanctions on Russian energy exports.

References:
[1] https://www.fxstreet.com/news/wti-flattens-around-66-even-as-eu-approves-sanctions-on-russia-202507210811
[3] https://www.morningstar.com/news/dow-jones/202507155977/dow-jones-top-energy-headlines-at-11-am-et-oil-futures-lose-ground-with-us-tariffs-sanctions-on-hold-opec