FX.co ★ WTI Crude Oil Falls 2%

West Texas Intermediate (WTI) crude oil futures experienced a decline of 2%, bringing prices to below $67 per barrel on Thursday. This movement followed news that OPEC+ is contemplating a halt to its scheduled production increases starting in October. Although discussions are in their preliminary stages, the potential pause in production hints at concerns over a possible excess supply in the market after the peak summer demand diminishes. Investors also considered the wider implications of U.S. President Donald Trump’s trade policies. This includes newly confirmed 50% tariffs on copper imports and products from Brazil, effective August 1, which have unsettled global markets and sparked fears of diminished economic growth and reduced oil demand. Additionally, geopolitical tensions have intensified as Houthi rebels resumed attacks on shipping lanes in the Red Sea, resulting in the sinking of two vessels and the loss of crew members, temporarily adding a risk premium to oil prices.