Overview

• Industry data from the American Petroleum Institute showed U.S. crude stocks rose by 1.52 million barrels last week, signaling the summer demand peak may be ending.
• OPEC+ confirmed an additional 547,000 barrels-per-day output boost for September, accelerating the rollback of its 2023 production cuts.
• The White House extended the U.S.–China tariff truce by 90 days, easing trade tensions that had weighed on fuel demand expectations.
• The Energy Information Administration projects U.S. oil output will hit a record 13.4 million bpd in 2025 before declining as lower prices curb drilling activity.
• Markets are trading cautiously ahead of Friday’s Alaska summit between President Trump and President Putin, where potential sanctions relief for Russian crude could add to global supply.