FX.co ★ Oil Swings Ahead OPEC+ Output Decision

On Wednesday, Brent crude oil futures showed fluctuations around the $64 per barrel mark as traders closely monitored an upcoming OPEC+ meeting, anticipated to approve a production increase. It is expected that OPEC+ will endorse a 411,000 barrels per day output hike for July, sustaining a trend of augmented supply growth akin to the rise planned for June. Nonetheless, Russian Deputy Prime Minister Alexander Novak mentioned that the group had not yet formally discussed the production increase. In parallel, President Trump expressed dissatisfaction with Russian President Putin due to stalled peace discussions in Ukraine, hinting that new sanctions against Moscow could be introduced as early as this week. Furthermore, the United States imposed restrictions on Chevron, preventing the export of Venezuelan crude under a new authorization that permits the company to maintain its assets without expanding its operations or exporting oil. Meanwhile, European Union officials are gathering intelligence on American investments by major corporations following President Trump’s decision to retract plans for imposing significant tariffs on European goods.