OPEC brings more oil to the market, as Trump’s tariff deadline approaches

Show notes

The week starts with renewed pressure on oil prices as OPEC decided to ramp up its production restoration plans by announcing an additional 548,000 barrels per day—well above the 411,000 increase expected, and renewed pressure on risk appetite as the July 9th deadline approaches fast. Within two days, the Trump administration is expected to announce its tariff decision for trading partners.
Asian traders kicked off the week cautiously. The US dollar is surprisingly higher this morning, while the selloff in oil was contained, perhaps on repricing of geopolitical tensions.
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