The market is on edge as uncertainty looms over potential secondary tariffs on buyers of Russian oil, with President Trump’s deadline for a Russia-Ukraine peace deal approaching. India and China’s oil purchases may be at risk, impacting market dynamics. OPEC may need to step in to balance the market if multiple buyers shun Russian oil. Despite sanctions, Russian oil flows remain resilient.

Central banks increased global gold reserves by 22 tonnes in June, with the Central Bank of Uzbekistan leading with 9 tonnes. In Q2, central banks added 166 tonnes to reserves, with the National Bank of Poland as the top buyer, adding 19 tonnes. Despite a slowdown in Q2 buying, central banks are expected to continue adding gold to diversify reserves amid economic uncertainties.

US inventory data from the American Petroleum Institute showed a decrease in crude oil inventories by 4.2m barrels, supporting prices. Gasoline stocks fell by 900k barrels, while distillate stocks increased by 1.6m barrels. If US Energy Information Administration data confirms a build in distillate stocks, it would be the fourth consecutive week of increases, easing concerns over market tightness. President Trump’s deadline for Russia-Ukraine peace deal could bring more clarity to the market.

Read more at Investing.com: Crude Oil: Markets Await Trump’s Russia Peace-Deal Deadline