Overview

• President Trump threatened a 50% tariff on Brazilian exports and issued new levy letters to the Philippines, Iraq, South Korea and Japan.
• U.S. crude stockpiles climbed by 7.1 million barrels last week, marking the largest weekly build since January.
• OPEC+ has announced plans to raise oil output in August, betting on summer demand even as glut risks loom.
• Gasoline demand increased 6% to 9.2 million barrels per day and global daily flights reached an all-time high of 107,600.
• Federal Reserve minutes showed only a couple of officials back near-term rate cuts, keeping borrowing costs higher and dampening demand outlook.