From Yahoo Finance: 2025-06-03 21:13:00

Oil prices fell over 1% due to a large build in gasoline and diesel inventories, OPEC+ planning more output, and trade tensions. Brent crude settled at $64.86, WTI at $62.85. Gasoline stocks rose by 5.2 million barrels, distillate by 4.2 million, and crude fell by 4.3 million.

OPEC+ plans to increase output by 411,000 bpd in July, causing concern among investors. Russia saw a 35% decline in May oil and gas revenue. The OECD cut global growth forecast due to U.S. trade policies impacting the economy. Geopolitical tensions rise as Trump accuses China of violating a trade deal.

U.S. economic activity has declined, putting pressure on costs and prices. Putin urges Trump to respond to Ukrainian drone attacks and bridge bombing. Analysts see limited upside potential for oil prices. Production operations in Canada restart after wildfires, reducing output by 344,000 bpd.

Read more: Oil settles 1% lower after US data shows large builds in fuel stocks