India, July 29 -- Crude oil prices moved higher on Tuesday, as the shortening of the deadline from 50 to less than 12 days for Russia to finalize an agreement with Ukraine by the US triggered supply side concerns. Russia is seemingly unfazed by the threat.
WTI Crude Oil for September delivery was last seen trading up by $2.81 (or 4.21%) to $69.52 per barrel today.
Around mid-July, US President Donald Trump threatened Russia to end its war with Ukraine within 50 days or face huge sanctions though Russia did not take it seriously. The proposed sanctions would slap 100% tariff on buyers of Russian oil, China and India being the notable victims.
Days before, Trump asked Russia to settle for a ceasefire deal sooner in around 10-12 days. Howev...