Particle.news
Download on the App Store
14 ARTICLES
·
20h ago

Oil Prices Climb on Tariff Ruling; OPEC+ Maintains Production Policy

A U.S. trade court decision eased price pressures ahead of OPEC+ talks on a planned July output hike

Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. REUTERS/Isaac Urrutia/File Photo
According to the market sources, American crude and gasoline stocks fell last week while distillate inventories rose.
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo

Overview

  • Brent crude futures rose 1.25% to $65.71 per barrel and U.S. West Texas Intermediate advanced 1.34% to $62.62 after the trade court ruling
  • A U.S. trade court found President Trump exceeded his authority with across-the-board tariffs on net exporting countries, easing market anxiety
  • OPEC+ ministers reaffirmed their collective output accord and will meet Saturday to consider a 411,000-barrel-per-day increase for July
  • Delegates have asked OPEC to prepare a mechanism for establishing 2027 production baselines to guide future quota settings
  • Chevron halted its Venezuelan oil production and related activities after Washington revoked its operating license earlier this year