FX.co ★ Oil Extends Gain

West Texas Intermediate (WTI) crude oil futures experienced an increase, reaching approximately $62.3 per barrel. This rise marks the second consecutive session of gains, driven by a tightening supply and diminished tariff risks. Market sentiment improved following a decision by the US trade court, which ruled that President Trump's imposition of global tariffs exceeded his authority, deeming them unlawful and mandating their removal. Although the administration is expected to appeal the ruling, the decision has contributed to a reduction in trade-related uncertainties and positively influenced the outlook for global oil demand. On the supply side, the recent ministerial meeting held by OPEC+ concluded with an agreement to uphold current production quotas, indicating sustained caution amidst tightening market fundamentals. Furthermore, the US government recently prohibited Chevron from exporting Venezuelan crude oil. In a related development, Chevron announced plans to cut approximately 800 jobs in Texas, part of its broader strategy to reduce its global workforce by up to 20% by the close of 2026, underscoring ongoing adjustments within the industry.