FX.co ★ Oil Prices Little Changed on Wednesday

West Texas Intermediate (WTI) crude futures experienced reduced earlier losses and remained largely stable at approximately $63.30 per barrel on Wednesday. This came as traders assessed the global trade environment and shifting supply factors. Over the past weekend, OPEC+ confirmed an uptick in production by 411,000 barrels per day set for July, in line with previous increases in May and June. Concurrently, wildfires in Canada temporarily halted around 7% of national oil production; however, recent rainfall aided in controlling some fires, permitting at least one operator to restart production at a previously closed facility. In the United States, the American Petroleum Institute (API) detected a 3.3 million-barrel reduction in crude stockpiles last week, markedly surpassing estimates of a 0.9 million-barrel reduction. Meanwhile, on the geopolitical stage, discussions are anticipated this week between US President Donald Trump and Chinese President Xi Jinping, capturing the attention of market stakeholders who are watchful for potential changes in trade dynamics.