Ideas Markets Events Research
Close
search
Ideas
Markets
Events
Research
Nothing found
Select a section for which the search will be carried out
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

Recommended

United States. CFTC Crude Oil speculative net positions. The value of the indicator has increased from 39.8K to 65.6K
Yesterday at 8:30 PM
United States. U.S. Baker Hughes Total Rig Count. The value of the indicator has increased from 544 to 549
Yesterday at 6:05 PM
United States. U.S. Baker Hughes Oil Rig Count. The value of the indicator has increased from 407 to 413
Yesterday at 6:05 PM
United States. OPEC Crude oil Production UAE (Barrel). The value of the indicator has increased from 3.36M to 3.37M
4 December
United States. OPEC Crude oil Production Saudi Arabia (Barrel). The value of the indicator has increased from 9.9M to 9.95M
4 December
Top news
United States. PCE price index (YoY). The value of the indicator has increased from 2.7% to 2.8%
Yesterday at 3:01 PM
United States. Core PCE Price Index (YoY). The value of the indicator has decreased from 2.9% to 2.8%
Yesterday at 3:01 PM
European Union. GDP (QoQ). The value of the indicator has increased from 0.2% to 0.3%
Yesterday at 10:00 AM
European Union. Retail Sales (MoM). The value of the indicator has decreased from 0.1% to 0%
4 December
European Union. CPI (MoM). The value of the indicator has decreased from 0.2% to -0.3%
2 December
All news

Forecasts

Brent sell
Period: 19.12.2025 Expectation: 200 pips
Brent crude to remain within $62.5–$65 range
FA Other Indicators Chart analysis
Yesterday at 10:55 AM 24
John_Bullard
GBPUSD sell
Period: 12.12.2025 Expectation: 1625 pips
GBPUSD correction looms as Fed easing bets grow
Technical analysis FA Other Indicators Chart analysis Fundamental analysis
Yesterday at 09:48 AM 21
Lyra_Moonwell1
USDJPY sell
Period: 28.02.2026 Expectation: 7000 pips
USDJPY poised to extend its decline
TA Other FA Other
Yesterday at 08:49 AM 13
McCarthy_Raymond
Brent buy
Period: 31.03.2026 Expectation: 140 pips
Investing in Brent crude with $75.5 in sight
FA Other Chart analysis
Yesterday at 08:49 AM 17
McCarthy_Raymond
AUDCAD buy
Period: 12.12.2025 Expectation: 935 pips
AUDCAD aims for new highs on strong fundamentals
Indicators and reports Technical analysis FA Other Indicators Fundamental analysis
Yesterday at 08:11 AM 13
Emily_Foster
Natural gas buy
Period: 11.12.2025 Expectation: 450 pips
Buying natural gas on way down before next rally
TA Other Technical analysis FA Other Indicators Fundamental analysis
04 December 2025 55
Lyra_Moonwell1
Go to forecasts