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Oil holds gains with US stockpiles and OPEC+ decision in focus

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Published02 JUL 25 - 13:48 Reading time  minutes

Bloomberg, July 2, 2025 – Oil prices edged higher with Brent crude above $67 and WTI near $66. The market awaits key indicators this week, including US stockpile data and an OPEC+ output decision. The API reported a 1.4 million barrel drop in Cushing inventories, which, if confirmed, would mark the biggest decline since January and bring stockpiles to their lowest level since 2005. Analysts expect minimal market impact from any OPEC+ production hikes, as this outcome is already priced in.

Author

June Goh

Senior Oil Market Analyst

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