WTI Crude Oil Futures (August Futures)
Thursday’s Settlement: 67.00, down -0.45 [-0.67%] for the day, up +1.48 [+2.26%] for the week
Last week, crude oil featured a choppy trade as traders weighed OPEC+ output hikes against re-escalating Israel – Iran tensions and tight physical markets.
The anticipation of possible trade deals and the finalization of the “big beautiful bill” also helped to buoy futures last week.
Today, futures are higher by -0.22 [-0.23%] to 67.27
Over the weekend, OPEC+ agreed to a +548k bpd increase to output, more than the previous, and expected, hike of +411k bpd seen in prior months. At this pace, OPEC+ is set to unwind their voluntary cut program entirely by September.
This caused some initial selling on the overnight, but futures have largely rebounded as the current supply and demand situation looks tight and we head into a weekend where trade deals should start being signed.
The resilience of WTI futures in the face of higher than expected output hikes from OPEC is notable.
Data Releases:
OPEC+ Output Hike: +548k bpd vs +411k prior and expected.
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Originally Posted on July 7, 2025 – WTI Holds Firm After OPEC Surprise—Is the Bull Case Back?
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