As of Tuesday, the global crude oil market is experiencing a period of relative stability with a slight upward trend in prices after some earlier dips.
Both international benchmarks, Brent crude and West Texas Intermediate (WTI), are trading within a tight range, reflecting a delicate balance of supply, demand, and ongoing geopolitical considerations.
As of earlier this morning Brent Crude trades $70.48 per barrel – a modest increase of about 0.63% from the previous day’s close. Brent has shown a 5.50% rise over the past month, although it remains around 9.81% lower than a year ago.
Similarly, West Texas Intermediate (WTI), trading around $67.19 per barrel. WTI has also seen a rise of about 0.73% today. Over the last month, WTI has climbed 3.18%, but it is still down approximately 10.10% year-over-year.
The OPEC+ alliance remains a dominant force. They reaffirmed in early July their commitment to a gradual return of 2.2 million barrels per day (bpd) of voluntary production adjustments, which began in April 2025. This increase is spread over an 18-month period, with specific monthly increments.
The group, notably Saudi Arabia, Russia, and other key producers, continues to emphasize market stability. They have committed to holding monthly meetings to review market conditions and ensure compliance. This flexible approach allows them to pause or reverse increases if market conditions warrant.
However, There’s an ongoing focus within OPEC+ to ensure full conformity with agreed cuts, with efforts to compensate for any overproduced volumes since January 2024. This collective discipline helps manage overall supply.
