From Yahoo Finance: 2025-06-03 15:30:00

Oil prices rose for a second day due to supply disruptions from Canada’s wildfires, despite OPEC’s increase in production. West Texas Intermediate closed above $63 a barrel, with almost 350,000 barrels a day of crude production shut down. President Trump stated the US won’t allow uranium enrichment in a potential nuclear deal with Iran.

US crude increased 5.1% after OPEC+ raised supply as expected, easing concerns of a larger increase. Oil is still down 12% this year due to the group abandoning output cuts and trade war fears. Analysts predict Gulf exports will rise, making it difficult for the market to absorb OPEC barrels in the future.

Crude oil has also been supported by a weaker dollar, which hit its lowest point since July 2023 before a slight rebound. Wall Street banks are predicting further dollar decline, adding to the positive outlook for oil prices in the coming months.



Read more at Yahoo Finance: Oil Extends Gains as Canada Wildfires Offset OPEC+ Output Hike