Overview

• OPEC+ agreed to raise production by 411,000 barrels per day in July, with Saudi Arabia advocating for similar increases into August and September.
• U.S. crude inventories declined by 4.3 million barrels in the week to May 30, while gasoline and distillate stocks rose by 5.2 million and 4.2 million barrels respectively, according to EIA data.
• Saudi Arabia cut its July selling prices for Asian crude to near four-year lows, adding downward pressure on global benchmark prices.
• Canadian wildfires removed about 344,000 barrels per day of oil production, offering temporary support despite the broader supply increase from OPEC+.
• Escalating U.S.-China tariff tensions and an OECD downgrade to global growth forecasts are weighing on oil demand expectations and investor sentiment.