Oil price outlook: While the outlook for the oil market remains bearish with expectations for a large surplus in 2026, robust refinery margins offer counterbalance
Crude oil prices continue to trade within a broader range of $5-$7, reflecting the persistent tug-of-war between supply excess and geopolitical flare-ups
Oil prices hit five-week lows as markets await US sanctions decision on Russia. Tariffs on India, crude inventory draw, and Opec+ supply plans also influence Brent and WTI price movements
The Organization of the Petroleum Exporting Countries and its allies, together known as Opec+, agreed on Sunday to raise oil production by 547,000 barrels per day for September
The conflict-driven risk premium-estimated between US$ 10-15-has largely dissipated, with no signs of supply disruptions through the strategic Hormuz Strait or within Iran.
Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19
The Dow Jones Industrial Average rose 0.17% to 42,279.55, the S&P 500 rose 0.48% to 5,996.40 and the Nasdaq Composite rose 0.61% to 19,565.74.
Brent futures were down 93 cents, or around 1.3%, to $73.30 a barrel by 1307 GMT, while U.S. WTI futures were off 99 cents or nearly 1.4%, to $71.99
Ships transiting Strait of Hormuz, a vital oil artery, put on alert
It was not just Brent that was impacted. Europe's oil and gas stocks toppled back nearly 2%, while government bonds of rival producers from Angola to Nigeria also took a hit
The return of Chinese market participants after a five-day public holiday since May 1 was also seen supporting prices on Tuesday
Saudi Aramco - the world's biggest oil exporter - was one of the biggest losers in the region. The company at one point erased more than $90 billion from its market capitalization
Brent futures dived by $5.30, or 7.6 per cent, to $64.84 a barrel by 1254 GMT. US West Texas Intermediate crude futures lost $5.47, or 8.2 per cent, to $61.48
Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries
Russia is the world's third-largest oil producer and sanctions imposed on its crude exports after its invasion of Ukraine nearly three years ago have supported higher prices
Mexican President Claudia Sheinbaum said U.S. and Mexico teams have started to work on Monday on security and business, adding that she proposed the pause in tariffs to Trump
Supply concerns eased after Libya's National Oil Corp said on Tuesday export activity was running normally after it held talks with protesters demanding a halt of loadings at one its main oil ports
Brent crude futures were down $1.52, or 1.9 per cent, at $78.63 per barrel at 1406 GMT. US West Texas Intermediate crude futures were down by $2.14, or 2.8 per cent, at $75.74
Both benchmarks fell more than 1 per cent on Wednesday as a stronger dollar and the bigger-than-expected rise in US fuel stockpiles weighed on prices
Brent crude futures fell 6 cents to $74.11 a barrel by 0111 GMT while the more active March contract was at $73.73 a barrel, down 6 cents