Overview

• Brent crude futures rose to about $66.89 a barrel and WTI to $64.18 after the US extended its tariff truce with China by 90 days.
• Traders are factoring in hopes that a Trump–Putin meeting on August 15 in Alaska could lead to an easing of sanctions on Russian oil.
• OPEC+ approved an additional 547,000 bpd output increase for September, reversing prior cuts and heightening concerns of a supply surplus.
• Volodymyr Zelenskiy’s refusal to consider territorial concessions and unverified reports of US–Russian talks on seized areas have left a ceasefire outcome in doubt.
• Investors are awaiting US CPI data and monthly reports from OPEC, the EIA and the IEA this week for fresh insights into the global supply-demand balance.