The oil market at the beginning of the new trading week: key indicators

Oil prices started the week with an increase, recovering the losses incurred at the end of last week. Brent crude rose to $68.73 per barrel (+0.63%), while WTI rose to $66.99.

The main thing:

• OPEC+ decided to increase oil production quotas by 548,000 barrels per day in August, which is more than expected. In fact, the alliance is returning about 80% of the previously reduced production to the market, with Saudi Arabia bearing the main burden of increasing production.

• Saudi Aramco will raise oil prices for Asia and Europe in August. Arab Light will rise in price by $1, reaching a 4-month high. All grades for Europe will add $1.4 per barrel.

• The situation is also influenced by geopolitics: Trump threatened tariffs of up to 70% to countries that have not concluded trade agreements with the United States, and announced an additional 10% duties for states supporting the BRICS. This increases uncertainty in the markets.

So far, the oil market is growing, but the sustainability of the trend will depend on the reaction of investors to the actual increase in supplies and further US policy statements.