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. (c) Copyright 2025 DTN, LLC. All rights reserved.
 
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