Tuesday 08/July/2025 – 12:29 AM
Prices recorded Global oil Noticeably 2% during trading yesterday, supported by strong indicators on the improvement of demand, which contributed to compensation for the impact of the unexpected increase in the production of the “OPEC+” coalition, as well as the growing concerns about the implications of the potential American customs duties.
Oil prices rise despite the increase in OPEC production and the growing commercial concerns
According to Reuters, Brent crude closed its transactions up by $ 1.28 or 1.9% to $ 69.58 a barrel, while the US West Texas Intermediate crude rose 93 cents, or 1.4%, recording $ 67.93 a barrel.
The Cross had registered an early decrease in the session, as Brent fell to $ 67.22, while West Texas crude fell to its lowest level during the session at $ 65.40.
“It seems that the supply mode is actually improving, but in return the demand is still stronger than expectations, which supports prices,” said Dennis Kisler, Senior Vice President for Trading at the “or K. Financial Bank”.
This rise comes amid expectations of an increase in consumption, especially in the United States, where the travel sector data showed that a record number of Americans intend to travel by land and air during the July 4 holiday, which reflects an increasing demand for fuel.
The “OPEC+” coalition announced on Saturday an agreement to increase oil production by 548 thousand barrels per day during August 2025, exceeding the previous monthly increases of 411 thousand barrels per day.
Although this increase indicates a possible abundance of supplies, the markets are still not confident in their ability to bridge the gap between supply and demand, which keeps prices under the pressure of anticipation, with the continued slightly bullish tendency.
