Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations.
Brent crude was up 5 cents to $66.79 a barrel at 0901 GMT, while U.S. West Texas Intermediate crude was up 4 cents to $65.15 a barrel.
The market's main focus is the 411,000-barrel-per-day production hike that OPEC+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook.
"The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases," ANZ senior commodity strategist Daniel Hynes said in a note.
Four OPEC+ sources told Reuters last week that the group - comprising OPEC and allies including Russia - plans to raise output by 411,000 bpd in August, following similar hikes in May, June, and July.
If approved, this would bring OPEC+'s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5% of global oil demand.
Investors are also watching trade negotiations ahead of U.S. President Donald Trump's tariff deadline of July 9.
U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations as a July 9 deadline approaches, when tariff rates are scheduled to revert from a temporary 10% level to Trump's suspended rates of 11% to 50% announced on April 2.
Morgan Stanley expects Brent futures to retrace to around $60 by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation. It expects an oversupply of 1.3 million bpd in 2026.
A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 pushed up Brent prices. They surged above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slumped to $67 after Trump announced an Iran-Israel ceasefire.
Source: Investing.com
Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose...
Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. ...
Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East ...
Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude...
Oil prices fell on Thursday (September 11), pressured by concerns over weakening US demand and a widespread oversupply, offsetting the threat to production from conflicts in the Middle East and Russia...
Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on...
Global gold prices strengthened on Friday (September 12th), with the last price recorded at $3,648 per ounce. This strengthening was driven by growing expectations of an interest rate cut by the Federal Reserve next week, after US labor market data...
The EUR/USD pair lost ground early in the European session and retreated to levels near 1.1700, amid volatile and volatile trading on Friday. Comments from ECB official Olly Rehn, who warned of downside risks to inflation, failed to support the...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The US Bureau of Labor Statistics reported on Tuesday that the preliminary estimate of the Current Employment Statistics (CES) national benchmark...