Oil prices fall as supply concerns ease

Oil drilling rigs

Oil prices declined today, July 15, as immediate concerns over supply subsided, following US President Donald Trump’s announcement of a 50-day deadline for Russia to end its war in Ukraine and avoid sanctions.

Brent crude futures for September delivery dropped by 0.45%, or 30 cents, to $68.91 per barrel as of 08:06 am Makkah time.

Meanwhile, West Texas Intermediate (WTI) crude futures for August delivery fell by 0.5%, or 35 cents, to $66.63 per barrel.

This came after Trump revealed two measures aimed at pressuring Russia to end the war in Ukraine, including supplying new weapons to Kyiv and threatening economic sanctions against Moscow if peace is not achieved within 50 days, CNN reported.

Goldman Sachs raised its forecast for Brent crude prices in the second half of 2025 to $66 per barrel, up $5 from its previous estimate, citing risks of supply disruption, low oil inventories in OECD countries, and production constraints in Russia.

The American Petroleum Institute (API) is set to release its report on US oil inventories later today, ahead of the official data from the Energy Information Administration (EIA) due on July 16.