Russia’s oil data show crude output was below its OPEC+ target in June, according to people familiar with the figures.

Crude oil outlook turns bearish as geopolitical risks ease, OPEC plans a supply hike, and demand signals remain weak ahead of next week’s trade.

Oil markets rebounded despite OPEC+'s decision to increase production by more than expected in August, amid worries over U.S. tariffs. Analysts note that the market remains tight, suggesting it can absorb additional supply.