Oil

Trump to eliminate federal protections banning drilling and mining in Alaska wilderness

• New York Times reporting

Crude oil futures and settle at $62.52

• Up $1.73 or 2.85%

Crude oil rallies as OPEC+ hikes output by less than expected

• OPEC+ underdelivered on expectations of higher than 411,000 bpd hike for July as it matched the May and June figures

Goldman Sachs sees final OPEC+ hike in August, cuts 2026 Brent forecast to $56

• Robust supply growth outside U.S. shale as a key factor behind weaker price expectations.

Bloomberg report: Graham Aims for Tough New Russia Sanctions Ahead of G-7 Summit

• Republican Senator Lindsey Graham's bill would impose a 500% tariff on imports from countries that buy Russian oil products

Weekend - OPEC+ hikes oil output supply for third straight month by 4,11,000 bpd

• Oil futures have opened higher for the week

Crude oil futures settle at $60.79

• Down $0.15 on the day

Baker Hughes oil rig count -4 to 461

• Declines continue in rig count

OPEC+ may discuss an oil output hike larger than 411,000 bpd for July

• Reuters report citing sources

US plan for Gaza ceasefire to be guaranteed by Trump

• The latest developments in ceasefire negotiations

ICYMI: Energy minister says oil prices above $70 / $75 /barrel likely suits all countries

• Kazakhstan's Energy Minister

U.S. crude oil futures settle at $60.94/bbl, down 90 cents, or 1.46%

Crude oil inventores drawdown -2.795M vs estimated build of 0.118M

• Weekly EIA inventory data

ICYMI: Explosive new intelligence report reveals Iran nuclear weapons program still active

• Report via Fox

Oil: private survey of inventory shows a large headline crude oil draw vs. build expected

• This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.