Oil futures were on track to post their fourth consecutive weekly loss early on Friday as the tentative reopening of the Strait of Hormuz and the uptick in oil flows weigh down prices. In Asian trade early on Friday, with U.S. markets closed for the July 4 weekend, both benchmarks, Brent and WTI, were gaining about 0.5% on some profit-taking. Over the past three weeks, prices have slumped to nearly pre-war levels, with Brent now in the low $70s per barrel and WTI Crude trading below $70.
The U.S.-Iran memorandum to negotiate a deal and the reopening…
Market Context
Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.
Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.
What to Watch
Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.
Read original article at OilPrice.com