Crude Oil Price Pressured by Global Oversupply Concerns

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411,000 bpd when they meet on Sunday.  Comments from President Trump also weighed on crude prices when he said he might back sanctions relief for Iran "if they can be peaceful." 3 High-Quality Oil Stocks to Buy as Middle East Tensions LingerIs Crude Oil Set to Fall Here?Crude Oil Price Pressured by Global Oversupply ConcernsTired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now!Losses in crude are limited after the dollar index today fell to a 3-1/4-year low.  Also, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook, which is supportive of energy demand and crude prices. Concern about a global oil glut is negative for crude prices.  Last Wednesday, Russia stated that it is open to another output hike for OPEC+ crude production in August, when the group meets this Sunday.  On May 31, OPEC+ agreed to a 411,000 bpd crude production hike for July after raising output by the same amount for June.  Saudi Arabia has signaled that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and punish overproducing OPEC+ members, such as Kazakhstan and Iraq.  OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production.  OPEC+ had previously planned to restore production between January and late 2025, but now that production cut won't be fully restored until September 2026.  OPEC May crude production rose +200,000 bpd to 27.54 million bpd.Weakness in US economic news is negative for energy demand and crude prices.  The Jun MNI Chicago PMI unexpectedly fell -0.1 to 40.4, weaker than expectations of an increase to 43.0 and the weakest report in 5 months.  Also, the June Dallas Fed manufacturing outlook survey rose +2.6  to -12.7, weaker than expectations of -10.0.Gasoline prices have support from the American Automobile Association (AAA) projection that a record 61.6 million people will travel by car this Fourth of July holiday (June 28 to July 6), up +2.2% from last year and a sign of stronger gasoline demand.Oil prices continue to be undercut by tariff concerns, as President Trump recently stated that he intends to send letters to dozens of US trading partners within one to two weeks, setting unilateral tariffs ahead of the July 9 deadline that followed his 90-day pause.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,259.00 +10.25 (+0.16%)Dow Futures44,867.00 +60.00 (+0.13%)Nasdaq Futures22,736.50 +43.75 (+0.19%)Russell 2000 Futures2,222.20 +8.80 (+0.40%)VIX16.83 +0.10 (+0.60%)Gold3,349.70 -0.10 (-0.00%)PortfolioSign in to access your portfolioSign inTop gainersBMNR Bitmine Immersion Technologies, Inc. 46.00 +12.10 (+35.69%)IHS IHS Holding Limited 6.34 +0.78 (+14.03%)MLCO Melco Resorts & Entertainment Limited 8.06 +0.83 (+11.48%)RUN Sunrun Inc. 9.04 +0.86 (+10.51%)PII Polaris Inc. 44.87 +4.22 (+10.38%)Top losersPRGS Progress Software Corporation 55.52 -8.32 (-13.03%)AVAV AeroVironment, Inc. 252.40 -32.55 (-11.42%)PTGX Protagonist Therapeutics, Inc. 50.21 -5.06 (-9.16%)NBIS Nebius Group N.V. 50.31 -5.02 (-9.07%)ACHR Archer Aviation Inc. 9.88 -0.97 (-8.94%)Most activeLCID Lucid Group, Inc. 2.0300 -0.0800 (-3.79%)NVDA NVIDIA Corporation 153.30 -4.69 (-2.97%)TSLA Tesla, Inc. 300.71 -16.95 (-5.34%)F Ford Motor Company 11.35 +0.50 (+4.61%)HOOD Robinhood Markets, Inc. 92.33 -1.30 (-1.39%)Earnings eventsTrending tickersUNH UnitedHealth Group Incorporated 326.14 +14.17 (+4.54%)CNC Centene Corporation 56.65 +2.37 (+4.37%)OSCR Oscar Health, Inc. 20.45 -0.99 (-4.62%)GRYP Gryphon Digital Mining, Inc. 0.9012 +0.0199 (+2.26%)STZ Constellation Brands, Inc. 166.42 +3.74 (+2.30%)Top economic events