Oil edges up to two-week high on lower US output forecast, renewed Red Sea attacks

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a barrel, while U.S. West Texas Intermediate (WTI) crude closed at $68.33, up 40 cents, or 0.6%.Those were the highest closes for both crude benchmarks since June 23 for a second day in a row."The lower (U.S.) production outlook got the price rally going and it kept going along with other commodities on the copper tariff news and the increased tensions in the Red Sea," said Phil Flynn, an analyst at Price Futures Group.The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted producers to slow activity this year, according to the latest Energy Information Administration (EIA) outlook.U.S. President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.Trump's decision to impose copper tariffs surprised markets and boosted prices of the metal to a record high.In the Red Sea, three seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, the second incident in a day after months of calm.Attacks in the Red Sea have forced vessels carrying oil, liquefied natural gas and other energy products to travel long distances to avoid the region, boosting energy costs.Some analysts also noted the oil market was supported by technical short-covering after Brent prices traded over $70 a barrel, a key level of both psychological and technical resistance.In addition, energy traders noted rising prices for U.S. gasoline and diesel in recent weeks have boosted the diesel crack spread to its highest since March 2024 and the 3:2:1- crack spread to a six-week high. Crack spreads measure refining profit margins."The best thing that this complex has going for it on the upside is its recent ability to advance despite a steady flow of seemingly bearish headlines that would usually be weighing on oil values," analysts at energy advisory firm Ritterbusch and Associates said in a note.Those bearish headlines include Trump's plan to ramp up his trade war again and plans by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, to raise production by 548,000 barrels per day (bpd) in August.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,280.00 +8.00 (+0.13%)Dow Futures44,576.00 +64.00 (+0.14%)Nasdaq Futures22,920.00 +23.25 (+0.10%)Russell 2000 Futures2,247.30 +2.20 (+0.10%)VIX16.34 -0.47 (-2.80%)Gold3,298.40 -18.50 (-0.56%)PortfolioSign in to access your portfolioSign inTop gainersQS QuantumScape Corporation 8.18 +1.17 (+16.69%)PGNY Progyny, Inc. 24.27 +2.82 (+13.15%)NEGG Newegg Commerce, Inc. 18.71 +2.14 (+12.91%)SOUN SoundHound AI, Inc. 12.71 +1.33 (+11.69%)SM SM Energy Company 27.83 +2.49 (+9.83%)Top losersRUN Sunrun Inc. 9.84 -1.27 (-11.43%)HL Hecla Mining Company 5.59 -0.57 (-9.25%)FICO Fair Isaac Corporation 1,703.17 -166.66 (-8.91%)SSRM SSR Mining Inc. 12.28 -1.17 (-8.70%)IAG IAMGOLD Corporation 6.89 -0.61 (-8.13%)Most activePROK ProKidney Corp. 3.7300 +3.1235 (+515.00%)LCID Lucid Group, Inc. 2.3000 +0.1900 (+9.00%)NVDA NVIDIA Corporation 160.00 +1.76 (+1.11%)SOUN SoundHound AI, Inc. 12.71 +1.33 (+11.69%)SOFI SoFi Technologies, Inc. 19.95 +0.71 (+3.69%)Earnings eventsTrending tickersPROK ProKidney Corp. 3.7300 +3.1235 (+515.00%)QS QuantumScape Corporation 8.18 +1.17 (+16.69%)OXY Occidental Petroleum Corporation 45.75 +2.40 (+5.54%)INTC Intel Corporation 23.59 +1.59 (+7.23%)SOUN SoundHound AI, Inc. 12.71 +1.33 (+11.69%)Top economic events