Crude futures settle at $68.58, the lowest level since the Iran War began, while US equities retreat amid mixed economic data.
US stocks closed lower after a midday Nasdaq rebound lost momentum, capping a volatile session. Crude oil futures settled at $68.58, the lowest price since the start of the Iran War, as supply concerns eased and inventories fell less than expected.
Economic data sent mixed signals: US construction spending matched forecasts at 0.1%, while ISM Manufacturing PMI dipped to 53.3 from a 54.0 estimate. The Atlanta Fed’s GDPNow model slashed its growth forecast to 1.2% from 2.5% previously. ADP employment data also missed expectations, rising by 98K versus a 118K forecast.
Central bankers at the ECB Forum in Sintra struck a cautious tone, warning that inflation risks persist despite recent progress. OPEC+ is expected to raise output quotas by 188K barrels per day in August, adding further pressure on oil prices.