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9 July | Oil

Oil prices hit two-week high on lower US production forecast — Reuters

Brent
WTI Light Crude Oil
Oil prices hit two-week high on lower US production forecast — Reuters

On Tuesday, oil prices climbed to a two-week high after the US Energy Information Administration (EIA) lowered its short-term forecast for domestic energy production growth. Additional support came from shipping risks in the Red Sea and market concerns over potential American tariff hikes on copper imports, Reuters reported.

The EIA now expects US oil output growth in 2025 to be weaker than previously projected. The downward revision follows reduced drilling activity amid declining crude prices.

Brent crude rose 0.8% to $70.67 a barrel, while WTI gained 0.6% to $68.69, marking their highest closes since June 23.

Meanwhile, tankers transporting energy commodities are rerouting to avoid Red Sea security threats, further tightening supply and lifting prices, the agency noted.

Anton Volkov MarketCheese

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