,
The WTI crude oil for August delivery was closed today at $ 1.88, which settled at $ 68.45 per barrel.
The September Month Brent crude oil contract was last seen from $ 1.66 to $ 70.30 per barrel.
In the report of its oil market for July, the International Energy Agency revised its 2025 oil supply forecasts up to 2.1 million barrels per day, the launch of 1.8 million BPD increase last month to 300,000 BPD.
It also said that the demand for oil is expected to increase by only 700,000 BPD (less than 1 million).
Despite the strong summer demand, the oversupply risk for the later part of this year is decreasing. This follows OPEC+ Cartel’s decision in the previous weekend meeting, expecting production for August 548,000 BPD for August, opposite to 411,000 BPD.
However, tomorrow’s Bloomberg reports that OPEC+ has been discussing a suspension in its oil production growth since October, which is expected to reduce global demand.
After sending letters indicating new tariffs to 20-plus countries, US President Donald Trump pushed the pedal loudly in Canada, then BRICS Donald Trump, especially Brazil, after India, and later this week.
Traders are afraid that high tariffs may cause inflation and resulting in the demand for oil may weaken.
Last Sunday, Yemen’s Hauthi rebels (with Iranian militia backing) attacked and drowned a wholesale carrier in the Red Sea, Magic Seize.
On Monday, again they are a big vessel, eternity c.
Israel-Iran’s struggle pacified on 24 June with Trump’s declaration of a ceasefire. The Middle East was still free from any military threat.
However, analysts feel that if the US and the West directly motivate these fresh fresh attacks to retaliate, a prolonged growth may be unavoidable.
Such a scenario can lead to supply-and-transit disruption in oil and energy trade, which can lead to higher oil prices.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
