Oil futures little changed in quiet session
Oil futures are lower and showing little reaction to the EU’s Russia sanctions and the approach of the U.S. tariff deadline, while pondering the supply and demand situation after the high-demand summer season. “We are in a bit of holding pattern with a lot of large moving parts ahead of us,” Neil Crosby of Sparta Commodities says in a note. That includes how much more crude OPEC will export from September onwards, and “more nebulously, what will be the state of global oil demand and non-OPEC supply growth in H2?” he says. WTI is off 0.4% at $67.10 a barrel, and Brent is down 0.4% at $68.98.
Wall Street Journal, July 21, 2025 – Neil Crosby of Sparta Commodities noted that the oil market is in a “holding pattern,” with uncertainty around OPEC’s export levels and global demand. He highlighted that traders are waiting for more clarity on how EU sanctions and potential U.S. tariffs will impact the market later in the year, making it a key time for caution.
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