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U.S. stocks traded mostly lower toward the end of trading, with the Dow Jones index dipping more than 250 points on Friday.
U.S. President Donald Trump said that he would make a “major statement” on Russia on Monday.
There were also bright spots in the statement, which comes ahead of official second-quarter earnings on Aug. 5.
Crude oil holds below key resistance as traders watch $65.29 support while tight supply and tariff risks drive the near-term oil outlook.
The IEA cut its global oil demand forecast, projecting the lowest pace of growth since the pandemic - at odds with OPEC's expectations. The IEA's Head of Oil Markets Division Toril Bosoni joins "Squawk Box Europe" to discuss.
Shares in oil-producing companies were given a lift after crude oil prices rose on Friday, with analysts pointing to Donald Trump's comments that he plans to make a "major statement on Russia". Markets took this to imply sanctions, though the US President did not elaborate in his interview with CNBC, only to say that he would reveal all on Monday.
Supply is set to rise three times faster than demand this year, the International Energy Agency said, though seasonal factors are tightening the market in the short term.
Christof Rühl, global advisor at Crystol Energy says the global energy narrative is shifting - rather than replacing fossil fuels outright, the future depends on intelligently combining all fuel types, including fossil fuels, to minimize emissions. Despite political shifts and growing energy needs globally, he believes fossil fuels will still dominate the global energy mix by 2040.
Brent crude stalls at $70 resistance as EMAs slope downward; traders await breakout confirmation amid fragile risk sentiment and OPEC+ speculation.
Oil bull Josh Young tells CNBC's Dan Murphy that OPEC's latest World Oil Outlook forecast could set the stage for a long-term uptick in oil prices.