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.
HSBC forecasts OPEC+ to raise its oil production by 411,000 barrels per day in August and by 274,000 barrels per day in September. These factors raise downward risks to the bank's outlook for Brent crude prices at $65 per barrel in the fourth quarter of 2025.
China's imports of most natural resources fell in May, according to customs data released today. Reuters analysts noted that the decline affected oil, coal, iron ore, and copper.
The price spread between US WTI and Britain’s Brent crude has narrowed to just $2.78 per barrel. This is the tightest level since September of last year.
Over the last seven days, American energy companies have further reduced their oil and natural gas drilling operations. This marks the sixth consecutive week of decreased fuel production capacity in the country.
Analysts at Morgan Stanley note the weak impact of quota hikes by OPEC+ on real oil output. Despite the cartel’s quotas rising by one million barrels per day over the period from March to June, the actual increase in crude production is hard to detect.
A decrease of the indicator value may contribute to the fall in quotes of WTI, Brent.
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.
According to Reuters, European and Asian refineries are increasing demand for raw materials from OPEC+ suppliers. At the same time, they are now less interested in US WTI crude.
Oil traders are stepping up their bets in anticipation of a supply surplus by late 2025, driving a surge in activity across the crude market. Bloomberg reports citing CME Group data that open interest in WTI calendar spread options hit a record high.
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Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
