FX.co ★ Crude Oil Retreats from 4-Week High

On Wednesday, WTI crude oil futures declined to $64.2 per barrel, retreating from a previous session high of $65.7, due to emerging indications of increased supply. Recent reports suggest that the OPEC+ group is contemplating a rise in oil production at their forthcoming meeting over the weekend, surprising markets that largely anticipated maintaining current production levels. This potential decision would continue the series of output increases by the cartel this year, despite concerns about decreasing fuel demand. Major producers and exporters are focused on reclaiming market share and boosting government revenues through energy sales. Concurrently, data revealed a significant resurgence in Russian oil exports to China via sea, as the world's leading importer acquired tankers following a demand reduction from India, primarily attributable to the United States' imposition of steep tariffs. Additionally, the U.S. fuel demand outlook appeared bleak after the ISM Manufacturing PMI results fell short of expectations.