Overview

• Brent crude and U.S. West Texas Intermediate futures each climbed about 0.3%, reaching $68.66 and $65.38 a barrel, respectively, on trading optimism.
• The United States and European Union agreed to a framework imposing a 15% tariff on most EU goods, half the initially threatened rate and easing trade-war concerns.
• Senior U.S. and Chinese negotiators are set to meet in Stockholm to seek an extension of the tariff truce ahead of the August 12 deadline.
• A market monitoring panel for OPEC+ is expected to approve an additional 548,000 barrels per day of output in August, capping price upside.
• PDVSA is preparing to resume joint-venture production under reinstated U.S. swap licences, and Yemen’s Houthi threats to target ships trading with Israeli ports are adding security risks to supply routes.