From Investing.com: 2025-06-02 05:40:00

Energy – OPEC+ agreed to increase supply by 411k b/d in July, bringing back over 60% of planned supply increases. Oil prices rallied despite the hike. Rising tensions between Russia and Ukraine added support. US drilling activity continues to decline, speculators reduced net long in ICE Brent.

Metals – Trump announced a tariff increase on steel and aluminium imports from 25% to 50% effective 4 June. US imports significant volumes from Canada, aiming to boost domestic production. Plans for new aluminium smelter in the US announced to reduce reliance on imports and increase domestic production.

Agriculture – Ukraine’s spring grain planting at 5.5m hectares, in line with previous year, with 97% of projected area planted. French soft wheat crop rated at 70% good-to-excellent condition. Corn plantings at 97% complete. Disclaimer: Information provided by ING for informational purposes only, not investment advice.



Read more at Investing.com: Higher OPEC+ Supply and Geopolitics Dominate Oil Market