Overview

• Oil held its longest losing streak since January with West Texas Intermediate near $64.40 a barrel after five consecutive daily declines.
• OPEC+ approved a 547,000-barrel-a-day production increase for September, marking the first step in reversing two years of output cuts.
• Softening demand indicators—including a US ISM services index drop to 50.1 and a revised Eurozone composite PMI of 50.9—are fueling concerns about a looming supply glut.
• The European Union’s latest sanctions on Russian oil and President Trump’s doubling of tariffs on Indian imports have heightened geopolitical uncertainty over energy flows.
• Saudi Aramco’s surprise $1-a-barrel price rise for Arab Light to Asia and recent dollar weakness have provided intermittent support to crude markets.