1248 ET - Oil futures are lower with the market ignoring U.S. threats of sanctions against Russia and pondering the eventual impact of higher OPEC+ production. "A cocktail of easing concerns and seasonal demand dynamics," are behind the recent strength in prices, Fawad Razaqzada of Forex.com says in a note. Fears that U.S. tariffs would hurt energy demand have subsided, while inflation has remained subdued, and the U.S. is entering peak driving season, he says. Meanwhile, OPEC+ by pumping more oil will weigh on the outlook post driving season. "The crude oil outlook is far from bullish, but we continue to expect more sideways chop in the coming weeks." WTI is off 1% at $66.32 a barrel, and Brent is down 0.8% at $68.67. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 15, 2025 12:49 ET (16:49 GMT)
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