Slight Increase in Oil Prices After Yesterday's Losses.. OPEC Lowers Demand Outlook Until 2029

Oil prices saw a slight improvement during trading on Friday, July 11, after falling by about 2% in the previous session, influenced by revised OPEC reports on global demand and the announcement of new American tariffs that may affect economic growth.

According to market data, Brent crude futures rose by 0.1% to $68.75 per barrel, while WTI crude futures increased by 0.2% to $66.70 per barrel.

In its report released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand forecasts for the period 2026–2029, citing a slowdown in consumption in China. The organization expected average demand to reach 106.3 million barrels per day in 2026, compared to a previous estimate of 108 million barrels.

In a related context, U.S. President Donald Trump announced on Thursday the imposition of a 35% tariff on imports from Canada, starting from next August, indicating Washington's intention to apply tariffs ranging from 15% to 20% on most of its trading partners.

On the other hand, European diplomatic sources revealed that the European Commission is considering imposing a floating price ceiling on Russian oil exports as part of new sanctions, as the current ceiling has become less effective with the decline in global prices.