Oil Edges Up Ahead of Tariff Deadline, OPEC Decision


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Oil futures edged up Tuesday morning, staying in a narrow 
band for the fifth consecutive trading day ahead of the July 9 tariff deadline 
and Sunday's OPEC meeting. July 9 marks the end of the 90-day period during 
which tariffs were frozen at a flat 10%, with rates set to revert to up to 50% 
barring trade agreements. Commerce Secretary Bessent on Monday refused to rule 
out an extension of the tariff-freeze for another two months to allow more room 
for negotiations.

   NYMEX-traded WTI for August rose $0.58 bbl to trade near $65.469 bbl, and 
ICE Brent for September delivery added $0.51 bbl to $67.25 bbl.

   August RBOB gasoline futures gained $0.0099 to $2.0820 gallon, and the 
front-month ULSD futures contract advanced $0.0113 to trade near $2.2876 gallon.

   The U.S. dollar index slid by 0.348 points to 96.145.

   Despite the uncertainty surrounding U.S. trade policy, OPEC continued in its 
outward communication to show itself optimistic about global oil demand growth. 
On Sunday, OPEC+ delegates will meet to set production quotas for August, with 
market observers expecting another 411,000-bpd quota increase for August, for 
the fourth consecutive month. The producer group has pivoted earlier this year 
from a strategy solely focused on defending price to one defending market share 
from non-OPEC producers by considerably hiking oil output.




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