Kelvin Wong, senior market analyst at OANDA, said: “Drivers of bearish oil prices include uncertainty surrounding the implementation of various tariffs around the US and potential increases in OPEC+ production.” People are worried that tariffs may curb demand for oil. Despite strong US travel demand over the July 4 holiday weekend, API data showed that the US increased crude oil inventories by about 7.1 million barrels, although stocks of refined oil products declined. Dutch International Group analysts said in a customer report: “Overnight American Petroleum Association data is bearish on oil prices.” He added, “Changes in refined oil products are more constructive.”

Kelvin Wong, senior market analyst at OANDA, said: “Drivers of bearish oil prices include uncertainty surrounding the implementation of various tariffs around the US and potential increases in OPEC+ production.” People are worried that tariffs may curb demand for oil. Despite strong US travel demand over the July 4 holiday weekend, API data showed that the US increased crude oil inventories by about 7.1 million barrels, although stocks of refined oil products declined. Dutch International Group analysts said in a customer report: “Overnight American Petroleum Association data is bearish on oil prices.” He added, “Changes in refined oil products are more constructive.”