Ideas Markets Events Research
Close
search
Ideas
Markets
Events
Research
Nothing found
Select a section for which the search will be carried out
3 June 2025 | Oil

Oil prices rise amid supply cuts from Iran and Canada

Brent
WTI Light Crude Oil
Oil prices rise amid supply cuts from Iran and Canada

Oil prices increased during early Asian trading on Tuesday due to concerns over reduced global fuel supplies, Reuters reported. The changes were driven by Iran’s possible rejection of the US nuclear deal and wildfires in Canada.

The price of Brent crude rose by 55 cents, or 0.85%. West Texas Intermediate (WTI) crude also saw an increase of 59 cents, or 0.94%.

Earlier, both contracts had strengthened by nearly 3% following OPEC+'s decision to maintain its July production hike at 411,000 barrels per day. This figure was lower than earlier expert estimates.

According to Daniel Hynes, a senior commodity strategist at ANZ, this decision influenced investor actions. After the alliance’s meeting results were announced, numerous market players have liquidated their short positions on oil.

Company MarketCheese

Recommended

United States. CFTC Crude Oil speculative net positions. The value of the indicator has decreased from 141.1K to 109.5K
Yesterday at 7:30 PM
United States. U.S. Baker Hughes Total Rig Count. The value of the indicator has decreased from 599 to 598
Yesterday at 5:04 PM
United States. U.S. Baker Hughes Oil Rig Count. The value of the indicator has increased from 455 to 456
Yesterday at 5:02 PM
United States. Total Vehicle Sales. The value of the indicator has decreased from 16.8M to 16M
Yesterday at 7:21 AM
United States. Cushing Crude Oil Inventories. The value of the indicator has decreased from 2.266M to 0.553M
30 September
Top news
United States. Nonfarm Payrolls. The value of the indicator has decreased from 133K to 29K
Yesterday at 12:30 PM
United States. Unemployment Rate. The value of the indicator has increased from 4.1% to 4.2%
Yesterday at 12:30 PM
European Union. CPI (MoM). The value of the indicator has increased from 0.4% to 0.6%
Yesterday at 9:02 AM
United States. ISM Manufacturing PMI. The value of the indicator has decreased from 54.6 to 54.5
1 October
European Union. Unemployment Rate. The value of the indicator remained at the same level of 6.4%
1 October
All news

Forecasts

GBPUSD sell
Period: 02.11.2026 Expectation: 5150 pips
GBPUSD sell-off targets 1.27000
Indicators and reports FA Other Indicators Hot news
Yesterday at 10:47 AM 26
Sinclair_John
AUDUSD buy
Period: 31.12.2026 Expectation: 1610 pips
Go long on AUDUSD with 0.7200 in sight
TA Other FA Other
Yesterday at 10:04 AM 26
Bruce_Powers
Brent buy
Period: 16.10.2026 Expectation: 500 pips
Invest in Brent crude with $106 in view
Indicators and reports FA Other Chart analysis Hot news
Yesterday at 08:55 AM 43
Reed_Marcus
AUDCAD buy
Period: 30.11.2026 Expectation: 1000 pips
Buy AUDCAD from channel's lower boundary
TA Other FA Other
01 October 2026 32
Bruce_Powers
S&P 500 buy
Period: 31.12.2026 Expectation: 1000 pips
Buy SPX up to $7,800
FA Other Chart analysis
01 October 2026 34
Bruce_Powers
USDJPY sell
Period: 01.11.2026 Expectation: 6300 pips
Go short on USDJPY as intervention odds rise
Indicators and reports FA Other Chart analysis Hot news
01 October 2026 39
Reed_Marcus
Go to forecasts