Overview

• Brent futures climbed to about $66.89 a barrel and WTI reached $64.18 as the tariff truce eased some trade-driven demand concerns and investors looked ahead to US inflation and energy agency reports.
• Markets have factored in the possibility that the August 15 Alaska meeting could result in eased sanctions on Russian oil, adding supply to global markets.
• OPEC+ endorsed a 547,000 barrels per day production increase for September, reversing 2023 output cuts and pressuring prices further.
• Higher US tariffs on many trading partners continue to dampen demand forecasts despite the relief provided by the US-China pause.
• Ukraine’s successful drone strike on a Saratov refinery and President Zelenskiy’s refusal to cede territory maintain the risk of supply disruptions that could quickly sway prices.