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3 July | Oil

Oil declines after two-week rally amid OPEC+ decision expectations — Bloomberg

Brent
WTI Light Crude Oil
Oil declines after two-week rally amid OPEC+ decision expectations — Bloomberg

According to Bloomberg, oil prices fell after the market experienced its largest increase in two weeks. Traders' attention is drawn to the US trade negotiations with key partners, as well as the OPEC+ meeting.

After climbing 3% on Wednesday, Brent crude traded near $69 per barrel, while WTI crude reached $67.56. In recent weeks, geopolitical tensions in the Middle East have caused oil prices to fluctuate. However, market participants are now shifting their focus to US trade negotiations, which could significantly impact energy demand, the agency reports.

ING Group NV analyst Warren Patterson highlights investor caution ahead of OPEC+'s expected decision to boost production in August. 

Meanwhile, Bloomberg notes strengthening market indicators that suggest rising oil demand, partly due to the ongoing heatwave across the United States.

Elizaveta Kuzmicheva MarketCheese

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