Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open the floodgates of global crude supply.

Oil prices edged up to a two-week high on Tuesday on forecasts for less U.S. oil production, renewed Houthi attacks on shipping in the Red Sea, worries about U.S. tariffs on copper and technical ...

Concern about a global oil glut is negative for crude prices. On July 5, OPEC+ agreed to raise its crude production by 548,000 barrels per day (bpd) beginning August 1, exceeding expectations of a ...

Oil prices marched to their highest levels in two weeks on Tuesday, gaining ground despite plans to increase the flow of crude oil to world markets next month.

Further, Goldman sees a stronger oil price rebound beyond 2026 due to reduced spare capacity. Bullish On Gas Prices EU natural gas inventories have climbed at faster-than-average clip in recent times.

Oil prices have spent much of the past year floating between $65 and $70 a barrel. Early July 18, the international benchmark oil price was hovering around $70.

Analysts and investment banks predict oil prices will remain below $70 per barrel for the rest of 2025 due to market oversupply and uncertain demand, despite Middle East tensions.

Standard Chartered sees the ICE Brent nearby future crude oil price averaging $61 per barrel in 2025, $78 per barrel in 2026, and $83 per barrel in 2027, Standard Chartered Bank’s report showed.

Oil prices rose by less than 1% after the EU agreed to lower the ceiling price for Russian crude oil. The price of Brent exceeded $70 per barrel, while West Texas Intermediate exceeded $68.

Oil markets haven’t reacted much to Trump’s threat yet, largely because of uncertainty around whether Trump will follow through and, if so, how. China on Tuesday also appeared unfazed.

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