Brent crude rose 0.8% to settle at $70.1 a barrel on Tuesday, hitting a two-week high, as investors weighed the impact of new U.S. tariffs and a larger-than-expected OPEC+ output increase in August.
President Trump's announcement of tariffs on 14 countries raised concerns about global economic growth and oil demand, although tightening production of middle distillates and ongoing Houthi attacks on cargo ships provided support to prices. OPEC+ agreed on Saturday to raise output by 548,000 barrels per day in August, a fourth straight monthly increase and larger than analysts had anticipated.
The move would restore nearly 80% of the 2.2 million barrels per day in voluntary cuts made by the eight OPEC members. Meanwhile, oil inventory data from the API and EIA are expected to show a draw of 2.6 million barrels for the week ended July 4, which would mark the sixth inventory draw in seven weeks. (alg)
Source: Trading Economics
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