Brent crude oil futures hovered around $67.1 per barrel on Wednesday as investors tread cautiously ahead of OPEC+’s output decision. The group is set to raise production by 411,000 bpd in August, bringing 2025’s total increase to 1.78 million bpd—over 1.5% of global demand. The move is seen as both a penalty for overproducers and a bid by Saudi Arabia to regain market share from US shale and others. Meanwhile, an industry report showed an unexpected rise in US crude inventories, with API data revealing a 0.68 million-barrel increase last week, breaking a four-week streak of declines and defying expectations for a 2.26 million-barrel drop. Geopolitical tensions have also eased as the Israel-Iran ceasefire holds, reducing oil’s risk premium, while uncertainty over potential new US tariffs after the July 9 deadline continues to cloud the global outlook and pressure prices.
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