Oil Near 2Wk Highs Ahead of Tariff Deadline, OPEC+ Plans
7/08 2:59 PM
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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