Oil Edges Lower, Weighed by U.S. Tariffs, OPEC+ Supply Increase
0026 GMT — Oil edges lower in the morning Asian session, weighed by U.S. tariffs and OPEC+'s supply increase. The U.S. tariffs and retaliation from targeted countries suggest that crude oil demand will be weaker than previously forecast, TD Securities' Bart Melek says in a research report. Demand will probably increase by less than 1 million barrels per day, while supply will likely grow by 'materially' more than that, resulting in a robust surplus over next nine months, the head of commodity strategy says. There may be 'more (oil price) downside in the cards,' Melek adds. Front-month WTI crude oil futures are 0.2% lower at $66.82/bbl; front-month Brent crude oil futures are 0.2% lower at $70.02/bbl. (ronnie.harui@wsj.com)
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