WTI advances to near $68.00 as traders await Trump's statement on Russia

• WTI price appreciates as Trump signals the possibility of additional sanctions on Russia.
• The EU may lower the price cap on Russian oil as part of its upcoming 18th sanctions package against Moscow.
• The International Energy Agency reported that Saudi Arabia exceeded its oil output target, surpassing level implied by the OPEC+ agreement.

West Texas Intermediate (WTI) Oil price extends its gains for the second successive session, trading around $68.00 per barrel during the European hours on Monday. Crude Oil prices receive support as traders await US President Donald Trump's statement, expecting additional sanctions on Russia that could dampen global Oil supplies.

On Saturday, President Trump announced plans to deliver a major statement on Russia on Monday, though providing no additional details. Additionally, Trump noted on Sunday that the US would send Patriot air defense systems to Ukraine, expressing frustration over Russian President Vladimir Putin's unwillingness to negotiate an end to Moscow's invasion. Meanwhile, reports suggest that European Union (EU) envoys are nearing agreement on an 18th sanctions package against Russia, which is expected to include a lower price cap on Russian Oil.

However, the upside of the Oil prices could be limited amid increasing Oil output in Saudi Arabia and ongoing tariff tensions weakening global Oil demand. The International Energy Agency (IEA) reported that Saudi Arabia exceeded its Oil output target by 430,000 barrels per day in June and reached 9.8 million bpd, against the kingdom's implied Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+) target of 9.37 million bpd.

Saudi Arabia's energy ministry responded, saying that the kingdom had been fully adhered to its voluntary OPEC+ output target, reporting that Saudi marketed crude supply in June was 9.352 million bpd, in line with the agreed quota, per Reuters.

US President Donald Trump imposed, on Saturday, a 30% tariff on imports from the European Union (EU) and Mexico starting August 1. Trump also proposed a blanket tariff rate of 15%-20% on other trading partners, an increase from the current 10% baseline rate. Reports suggested that the EU has initiated discussions with other countries hit by the tariffs, including Canada and Japan, aiming to explore coordinated responses.