Overview

• US President Trump extended the deadline for trade talks with the European Union until July 9, easing fears of new tariffs that could curb fuel demand.
• OPEC+ moved its July output decision up to May 31, and the eight-member V8 subgroup is expected to approve a third straight 411,000 barrels per day increase.
• Brent crude trades near $65 a barrel while WTI hovers around $61.40 as investors weigh potential oversupply against improved trade sentiment.
• Global oil inventories climbed to 7.7 billion barrels in March and floating storage rose 14% over the past month, signaling mounting surplus.
• Ongoing US-Iran nuclear negotiations have shown limited progress but remain a key factor in the outlook for future Iranian oil exports.