Commodities: OPEC+ Noise Set To Increase This Week

2025-07-28 03:33:00 ET

By Warren Patterson , Ewa Manthey

Energy - US drilling activity slows further

Oil prices are trading firmer this morning after the US and EU announced a trade deal, which will see most EU exports to the US facing a 15% tariff. The market worried that if talks had failed, 30% tariffs would come into effect on August 1. That likely would’ve prompted retaliation from the EU. As part of the deal, the EU agreed to buy $750b worth of US energy over three years. The EU continues to move away from Russian natural gas, with a roadmap to end all Russian gas imports by the end of 2027. The EU was already set to lean more heavily on the US for its energy needs....

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