Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0330 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller U.S. [Read more]

The U.S. Interior Department on Monday proposed rule changes to allow energy companies to more easily combine oil and gas output from multiple leases using the same well pad, which could save the industry as much as $1.8 billion per year, it said. The proposed rule change, which would mostly affect onshore oil and gas drilling in the U.S. West, would ease limits on so-called commingling, which the department said would make operations more efficient. President Donald Trump's tax cut law [Read more]

Oil rose more than 1% on Monday on signs of strong demand, shrugging off the impact of a higher-than-expected OPEC+ output hike for August as well as concerns about the potential impact of U.S. tariffs. Brent crude futures rose 79 cents, or 1.2%, to $69.08 by 02:05 p.m. ET (18:05 GMT). U.S. West Texas Intermediate crude was at $67.29, up 29 cents, or 0.4%. The benchmarks had fallen to $67.22 and $65.40, respectively, earlier in the session. "The supply picture definitely looks to be [Read more]

Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude. When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel. Gulf Coast-bound fuel oil imports hit a record low at 213,000 barrels per day in June, down from 233,000 bpd on the month, according to ship [Read more]

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota, five sources said. The group, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep [Read more]

Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts, as they look to normalize spare capacity amid resilient global oil demand. The forecast published on Sunday came after OPEC+ agreed on Saturday to increase production by 548,000 bpd in August, further accelerating output at its first meeting since oil prices spiked and retreated following [Read more]