A trade deal between the US and EU boosted oil market sentiment, but focus is shifting to OPEC+ output policy in September. EU agreed to buy $750b worth of US energy over three years. EU plans to end Russian gas imports by 2027, relying more on US energy. Speculators reduced ICE oil position but increased gasoil position. US oil rig count fell to lowest level since September 2021, declining for thirteen consecutive weeks.

Gold prices dropped below US$3,330/oz as President Trump eased tensions with Fed Chair Powell. US Treasury yields rose, impacting non-yielding gold. US dollar rose for the sixth week in a row, pushing Treasury yields higher. Base metal inventories in Shanghai fell, with copper imports rising in June. Aluminium and zinc inventories increased.

EU grain production estimates lowered to 278.4mt for 2025/26 season, with wheat and barley production falling. Ukraine’s grain harvest slower this year. Money managers decreased net short position in CBOT wheat and soybeans, while increasing net short position in CBOT corn. No investment recommendation provided by ING.

Read more at Investing.com: Crude Oil: OPEC+ Noise Set to Increase This Week