DTN Oil Update
Oil Futures Mixed on Trade Progress, Fed Outlook
DAVENPORT, Fla. (DTN) -- Oil futures posted a mixed performance in early Friday trade, with modest gains in refined products and underlying support from progress in U.S.-EU trade talks and expectations that Russia will tighten gasoline exports.
Talks between the United States and European Union are advancing toward a potential agreement that would apply a 15% baseline tariff on EU imports, with room for exemptions. The possible resolution, following recent trade deals with Japan and the Philippines, is helping ease persistent demand-side concerns tied to broader global economic uncertainty.
Front-month NYMEX WTI eased $0.05 to $65.98 bbl, while ICE Brent for September delivery slipped $0.02 to $69.16 bbl.
NYMEX ULSD futures rose to $2.4274 gallon, and RBOB futures edged down $0.0037 to $2.1005 gallon.
The U.S. dollar strengthened, with the U.S. Dollar Index gaining 0.396 points to 97.515.
Market focus is also turning to next week's Federal Reserve policy meeting set for July 29-30, with an interest rate decision due July 30. Attention will also be on a slate of macroeconomic indicators from both the U.S. and China, including reports on factory output, consumer prices, job trends, and stockpiles, all of which could shape the outlook for oil demand in the near term.
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