FX.co ★ Oil Rises on Tight Supply Concerns

WTI crude oil futures increased to approximately $61.4 per barrel on Wednesday, recovering from the significant losses seen in the previous session due to concerns over constrained supply that buoyed prices. On Tuesday, President Trump expressed his dissatisfaction with Russian President Putin in response to stagnant peace discussions in Ukraine and hinted at the possibility of new sanctions against Moscow being announced as early as this week. Furthermore, the United States prohibited Chevron from exporting Venezuelan crude oil, as per a new mandate that allows the company to retain its assets but restricts it from exporting oil or expanding its operations. Nonetheless, these gains faced a cap due to the potential decision by OPEC+ to further raise crude oil production during their meeting later this week. The group is anticipated to deliberate on augmenting their output by roughly 411,000 barrels per day starting in July. Additionally, EU officials are currently gathering data on US investments by prominent companies following Trump's decision to withdraw from proposed significant tariffs on European goods.