Lates News

OANDA's senior market analyst Kelvin Wong said: "Factors driving the fall in oil prices include the uncertainty surrounding various tariffs implemented by the United States (targeting specific countries and industries) and the potential increase in production by OPEC+." People are concerned that tariffs may suppress demand for oil, despite strong travel demand in the United States over the July 4th holiday weekend, API data shows that US crude inventories increased by about 7.1 million barrels, although finished oil inventories decreased. ING analysts said in a client report: "API data overnight showed a drop in oil prices." He added that "the change in finished oil is more constructive."