FX.co ★ Crude Oil Settles at 2-Week High

On Tuesday, West Texas Intermediate (WTI) crude oil futures experienced a 0.6% increase, closing at $68.3 per barrel. This price neared a two-week peak as investors evaluated the implications of newly announced U.S. tariffs alongside a larger-than-expected production rise from OPEC+ set for August. President Trump's declaration of tariffs on 14 countries has sparked concerns about the potential impact on global economic growth and subsequent oil demand. However, factors such as tight supplies of middle distillates and ongoing Houthi assaults on cargo ships have continued to provide support to oil prices. Over the weekend, OPEC+ reached an agreement to increase output by 548,000 barrels per day in August, marking the fourth consecutive monthly production hike and surpassing analysts' predictions. This increase will recover nearly 80% of the 2.2 million barrels per day in voluntary production cuts previously implemented by eight OPEC members. Meanwhile, upcoming oil inventory data from the American Petroleum Institute (API) and the Energy Information Administration (EIA) is anticipated to reveal a drawdown of 2.6 million barrels for the week ending July 4, representing the sixth decrease in stockpiles over the past seven weeks.