Oil Prices Are Rising on Global Markets: Key Factors
1 July 14:36
Oil prices are rising moderately on Wednesday, July 1; investors are monitoring the talks in Doha and analyzing other news. This is reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”
As of 8:16 a.m., the price of September Brent futures on the London-based ICE Futures exchange stood at $73.23 per barrel, up $0.28 (0.38%) from the previous trading session’s close. On Tuesday, they fell by $0.96 (1.3%) to $72.95 per barrel.
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WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform have risen by $0.26 (0.37%) to $69.76 per barrel. At the close of the previous session, their price had fallen by $1.25 (1.77%) to $69.50 per barrel.
Over the entire second quarter, Brent fell by approximately $45 per barrel—the largest drop since the 2008 crisis. WTI lost about $31 per barrel, posting its worst performance since the 2020 pandemic.
U.S. President Donald Trump’s Special Representative Steve Witkoff and Trump’s son-in-law Jared Kushner confirmed on Tuesday at a meeting in Doha withPrime Minister and Foreign Minister of Qatar, Mohammed bin Abdulrahman al-Thani, confirmed that the U.S. intends to continue negotiations with Iran to reach a comprehensive agreement, according to the Qatari Foreign Ministry.
It is noted that during the meeting, Witkoff and Kushner discussed with al-Thani the progress of U.S.-Iranian negotiations, “efforts aimed at strengthening security and stability in the region through dialogue and diplomacy,” as well as a ceasefire in Lebanon.
Witkoff and Kushner arrived in Qatar on Tuesday. The Qatari Foreign Ministry clarified that no high-level talks between U.S. and Iranian representatives are planned in Doha. Later, Al Arabiya TV reported that talks between the U.S. and Iranian delegations in the Qatari capital could take place on Wednesday, but they would be indirect.
Meanwhile, the oil production quotas for the seven OPEC+ countries will increase by 188,000 barrels per day (bpd) starting in July, and the alliance’s total quota for July will be 35.83 million bpd, excluding compensation from countries that have violated the agreement. Following the results of the last meeting in early June, the ministers of these countries also decided that the compensation period for previously uncut production would be extended until the end of 2026.
Oil prices are being supported by data released Tuesday by the American Petroleum Institute (API), which showed that U.S. crude oil inventories fell by approximately 6.07 million barrels last week. Experts had expected a decline of 4.1 million barrels on average, according to Trading Economics. The API receives information from refinery operators, oil storage facilities, and pipeline operators on a voluntary basis. Official data on U.S. crude oil inventories will be released at 5:30 p.m. local time on Wednesday.
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