Overview

• Brent crude futures increased to $65.15 per barrel, and WTI crude rose to $61.87 per barrel following the extension announcement.
• The extended deadline for U.S.-EU trade negotiations alleviated fears of tariffs that could hinder global economic growth and oil demand.
• OPEC+ is expected to decide on increasing output by 411,000 barrels per day for July, potentially tempering further price gains.
• U.S. firms reduced the number of active oil rigs to 465, the lowest level since November 2021, according to Baker Hughes data.
• Limited progress in U.S.-Iran nuclear talks reduced concerns about an influx of Iranian oil returning to global markets.