What were the closing prices and percentage changes for Brent and WTI crude on Tuesday, and what key factor limited their gains?

Brent crude futures gained 28 cents (0.39%) to $72.29 a barrel, and U.S. West Texas Intermediate crude rose 29 cents (0.26%) to $68.84 a barrel as of 0046 GMT on Tuesday; gains were limited because traders shifted focus from easing Middle East geopolitical tensions to concerns over rising supply and uncertain demand prospects.

How did the UAE's oil production and OPEC+ decisions affect market sentiment, and what did Saudi Arabia's pricing move signal?

The UAE raised crude output above 3.8 million bpd in June — its highest since April 2020 and above pre-Iran war levels — after leaving OPEC+ quotas in May; meanwhile, OPEC+ agreed to increase output targets by 188,000 bpd starting in August, adding to prior increases for June and July; separately, Saudi Arabia cut the August official selling price (OSP) for Arab Light crude to Asia to $1.50 below the Oman/Dubai average — an $11 drop from the previous month and the largest in over two decades — signaling aggressive efforts to support demand amid rising supply.

Oil prices gain as focus shifts to supply recovery and demand

Jul 6, 2026

Oil prices rose marginally as markets weighed supply recovery from OPEC+ and UAE against demand outlooks. Saudi Aramco simultaneously slashed its August official selling price for Arab Light crude to Asia by $1.50 per barrel.

reuters

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