On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
OPEC+ has agreed to raise its oil output by another 548,000 barrels per day (bpd) in August. Meanwhile, monthly hikes were 411,000 bpd between May and July and 138,000 bpd in April.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
According to Bloomberg, China has refrained from purchasing American crude oil for three consecutive months. This marks the longest period without Chinese energy purchases from the US since 2018. These developments have become an additional pressure factor for oil producers.
On Thursday, Barclays raised its Brent crude price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 per barrel for 2026, citing expected demand growth. Geopolitical tensions in the Middle East have eased, and the risk premium has disappeared.
According to Baker Hughes' weekly report released on Thursday, US energy companies reduced the number of active oil and gas drilling rigs for the tenth week in a row. The total rig count dropped by 8 to 539.
Alberta's crude production fell to its lowest level in two years in May, as wildfires and maintenance work reduced output from the oil sands. According to Bloomberg, crude output in Canada's Alberta province fell by 397,000 barrels to 3.61 million barrels per day in May.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Standard Chartered predicts the group will announce one final 411,000 barrel-per-day production increase at its August meeting. Oil markets will easily absorb extra supply in the short term.
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