FX.co ★ Oil Rises for 4th Session

WTI crude oil futures climbed to $62.4 per barrel on Tuesday, marking the fourth consecutive increase and reaching a two-week high. This shift in momentum occurred as market focus pivoted from US-China trade tensions to developments in the Middle East. Although a 90-day pause in the tariff conflict between the world's largest oil consumers has relieved some pressure, attention is now directed toward President Trump's visit to the region, which begins in Saudi Arabia. Discussions there may potentially influence OPEC+ policy. Since April, the Organization of the Petroleum Exporting Countries (OPEC) has increased oil output more than initially expected, with production in May likely up by 411,000 barrels per day. Additionally, Saudi Arabia has been encouraging the group to enhance output to address members who have not met their quotas, which has recently impacted prices. Despite optimism related to easing trade tensions, oil prices remain over 10% lower since early April, when US tariffs sparked concerns about a slowdown in global growth and diminished fuel demand.