FX.co ★ WTI Crude Oil Rises to 10-Week High

West Texas Intermediate (WTI) crude oil futures surged beyond the $66 per barrel mark on Wednesday, reaching their highest point in ten weeks. This increase was fueled by positive sentiment surrounding US-China trade negotiations and escalating tensions between the US and Iran. President Donald Trump announced that the trade agreement with China is “completed,” awaiting only the final approval from President Xi. Concurrently, Trump expressed skepticism about achieving a nuclear accord with Iran, while Tehran warned of potential attacks on US bases if discussions break down. On the production front, the OPEC+ alliance plans to increase output by 411,000 barrels per day in July as part of its strategy to gradually roll back previous cuts. Nonetheless, a reduction in US crude inventories, with API data reporting a decrease of 370,000 barrels last week, indicates ongoing supply constraints. The focus now shifts to the upcoming official data from the Energy Information Administration (EIA), expected later on Wednesday, for further clarity.