Overview

• Brent crude futures eased to about $70 a barrel and WTI fell to near $68 on July 10 as markets weighed fresh trade levies and rising supplies.
• President Trump threatened a 50% tariff on Brazilian exports and sent new tariff letters to 21 trading partners, including the Philippines and Iraq.
• U.S. crude inventories jumped by 7.1 million barrels last week, representing the biggest weekly build since January, according to EIA data.
• Gasoline demand rose 6% to 9.2 million barrels per day and global daily flights averaged a record 107,600 in early July, signaling strong summer consumption.
• OPEC+ surprised markets with plans to boost August output and Federal Reserve minutes showed only a few officials expect interest rates to be cut this month.