At 09:31 GMT, Light Crude Oil Futures are trading $66.61, up $0.04 or +0.06%.
IEA and OPEC Diverge on Oil Prices Forecast
Crude oil news today is centered on the International Energy Agency’s latest report, which increased its supply growth forecast while trimming demand growth expectations for this year. However, peak summer refinery runs to meet travel and power demand are maintaining near-term market tightness, offering a floor under prices despite the broader demand concerns.
Brent futures traded with a front-month September premium of $1.11 over October, reflecting a tight prompt market structure. Meanwhile, OPEC’s latest World Oil Outlook revised lower its global oil demand projections for 2026 to 2029, citing slowing Chinese demand, a longer-term bearish signal traders will monitor for positioning adjustments.
Tariff Risks and Russia Sanctions Weigh on Oil Sentiment
Both Brent and WTI contracts were little changed on the week, with Brent up 0.8% while WTI edged 0.3% lower, reflecting the market’s caution amid tariff uncertainties tied to President Trump’s evolving policies. Both benchmarks fell over 2% on Thursday as concerns grew over the potential drag on global growth and oil demand from new tariff measures.
Prices recovered slightly after President Trump signaled plans for a “major” statement on Russia, raising the risk of further sanctions. ING analysts noted this development could leave markets nervous, increasing volatility as traders await clarity.
Saudi Crude Exports to China Highlight Robust Prompt Demand
Traders also noted signs of solid prompt demand, including expectations that Saudi Arabia will ship around 51 million barrels of crude to China in August, the highest in over two years. This reinforces a floor under the market, counterbalancing weaker longer-term demand projections and maintaining a firm structure for front-month contracts.
