The boost to oil from a U.S. court ruling against President Trump’s trade tariffs proves short-lived, and futures turn lower with OPEC+ supply concerns remaining as a headwind.
Another 411,000-barrel increase in July would bring accumulated unwinding of output cuts to 1.37 million b/d, although “the actual supply boost may be significantly less than projected,” StoneX’s Alex Hodes says in a note.
U.S. inventory data, including a 2.8 million barrel crude stock draw, largely on higher exports, did little for prices. Gasoline stocks fell more than expected as demand picked up to almost 9.5 million b/d ahead of the summer driving season.
