Oil Near 2Wk Highs Ahead of Tariff Deadline, OPEC+ Plans


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

    

   DAVENPORT, FL (DTN) -- Oil futures settled near two-week highs Tuesday as 
markets weighed a stronger-than-expected OPEC+ production increase against 
looming U.S. tariffs. The market is also looking ahead to this week's U.S. 
inventory data for further direction.

   NYMEX WTI for August delivery rose $0.40 to settle at $68.33 bbl, while ICE 
Brent for September advanced $0.57 to $70.15 bbl settlement.
August RBOB gasoline futures gained $0.0328 to settle at $2.1850 gallon, and 
front-month ULSD futures rose $0.0202 to $2.4413 gallon settlement.
The U.S. dollar index strengthened 0.319 points to 97.141.

   President Donald Trump said Tuesday that there would be "no extensions" to 
the new August 1 deadline set for U.S. trading partners to reach revised 
agreements or face sharply higher tariffs on imported goods. The remarks come 
just a day after the White House confirmed the new tariff timeline, keeping 
market participants on edge over trade policy uncertainty.

   The prospect of higher tariffs comes as OPEC+ prepares to lift output by 
more than previously anticipated for August. While the group's compliance and 
actual execution remain uncertain, the larger production boost adds to concerns 
about potential oversupply.

   Meanwhile, attention turns to weekly inventory data from the American 
Petroleum Institute due Tuesday afternoon, followed by official figures from 
the U.S. Energy Information Administration on Wednesday. Market expectations

   point to drawdowns across the board in U.S. crude, gasoline, and distillate 
stockpiles for the week ended July 4.

   OPEC's next monthly oil market report, including updated June production 
data, is scheduled for release on July 15.

    




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