Overview

• Members of OPEC+ are slated to approve a 411,000-barrel-a-day production boost for July, marking a third consecutive output increase.
• Brent crude is trading near $64 a barrel and West Texas Intermediate remains below $61 as both benchmarks head for a second weekly decline.
• A U.S. appeals court temporarily reinstated Trump-era tariffs, reversing a lower court’s block and intensifying doubts over global demand.
• U.S. crude inventories fell by 2.8 million barrels last week—the largest drawdown in about two months—according to Energy Information Administration data.
• Kazakhstan informed OPEC that it will maintain current production levels, complicating efforts to enforce agreed supply quotas.