FX.co ★ Brent Hits 2-Week Low

Brent crude oil futures fell below $64 per barrel on Thursday, reaching their lowest point in two weeks, amid reports that OPEC+ members are contemplating a significant increase in production. Among the options under consideration is a rise of 411,000 barrels per day for July, although no conclusive decision has been made. This development follows ongoing market concerns about oversupply, exacerbated by last week's unexpected rise in US crude inventories reported by the EIA. Contributing to the bearish mood was a broader sell-off in financial markets due to apprehensions over the expanding US deficit. At the same time, investors kept a watchful eye on the upcoming fifth round of nuclear negotiations between the US and Iran scheduled for this weekend. These talks have helped alleviate fears of potential supply disruptions in the Middle East, especially after media reports on Wednesday suggested possible Israeli strikes on Iranian nuclear sites.