Overview

• U.S. crude inventories rose unexpectedly by 1.3 million barrels last week, alongside increases in gasoline and distillate stocks, according to the EIA.
• OPEC+ is considering a 411,000 barrels per day production increase for July, with a final decision expected at the June 1 meeting.
• Kazakhstan's oil production defied OPEC+ quotas, increasing by 2% in May, adding to global supply concerns.
• Geopolitical tensions persist as U.S. intelligence reports suggest Israel may be preparing to strike Iranian nuclear facilities, raising fears of potential supply disruptions in the Middle East.
• Oil prices remain volatile, trading in the mid-$60s, as markets weigh the impact of U.S.-Iran nuclear talks and the upcoming summer driving season on demand.