| BR Trading

Oil steadies at the end of a turbulent week as focus shifts to tariffs.

Source:

Bloomberg

Oil prices stabilized as traders assessed the uncertain status of the US-Iran nuclear talks amid reports that OPEC+ may extend its production increases.

West Texas Intermediate crude edged up slightly to settle above $65 a barrel after swinging between gains and losses. Bloomberg reported that several OPEC delegates, who requested anonymity, said their countries were willing to consider another increase of 411,000 barrels per day for August when they meet on July 6, following similar increases agreed upon in each of the previous three months.

While this figure is broadly in line with expectations, John Kilduff, partner at Again Capital, said, "Indications are that the group could exceed the 411,000 barrels per day increase." He added, "After that, we should expect to hear about voluntary cuts that are below the target from the laggards in the group. I expect the final decision to be bearish."

US Sanctions on Iran

Crude oil rose 1.3% earlier after US Energy Secretary Chris Wright told Bloomberg that sanctions on Iran would remain in place for now, and US President Donald Trump announced he was backing away from plans to ease sanctions on Iran. This statement comes just days after the president claimed that Iran and the United States would meet for nuclear talks next week, a claim Iran denied.