In New York,  the Dow Jones Index decreased 287 points or 0.64 percent on Friday. Losses were driven by Nike (-2.61%), Visa (-2.26%) and Salesforce (-1.97%). Biggest rises came from UnitedHealth (1.46%), Amazon (1.26%) and Chevron (0.78%).

The Dow Jones Index Closes 0.64% Lower

Brent crude oil futures jumped by 2.5% to settle at $70.40 per barrel on Friday, rebounding from a 2.2% drop in the previous session and logging a 1.6% weekly gain, as traders weighed near-term supply tightness against longer-term surplus concerns. Despite the IEA forecasting a potential surplus later this year, strong summer travel demand and high refinery runs are supporting current prices. Russia’s pledge to offset overproduction and expectations of record Saudi crude shipments to China in August added to short-term bullish sentiment. However, the IEA’s upward revision to supply growth and lowered demand projections point to a softer balance later in the year. Longer-term demand uncertainty was echoed by OPEC, which cut its global oil demand outlook for 2026–2029 due to slower Chinese growth. Meanwhile, geopolitical risks remain in focus, with markets bracing for potential new US sanctions on Russia amid growing tensions over Ukraine.

Brent Advances on Outlook, Posts Weekly Gain

WTI crude oil futures rose 2.8% to settle at $68.40 per barrel on Friday, rebounding from a 2.5% drop in the previous session and logging a 0.6% weekly gain, as traders weighed near-term supply tightness against longer-term surplus concerns. Despite the IEA forecasting a potential surplus later this year, strong summer travel demand and high refinery runs are supporting current prices. Russia’s pledge to offset overproduction and expectations of record Saudi crude shipments to China in August added to short-term bullish sentiment. However, the IEA’s upward revision to supply growth and lowered demand projections point to a softer balance later in the year. Longer-term demand uncertainty was echoed by OPEC, which cut its global oil demand outlook for 2026–2029 due to slower Chinese growth. Meanwhile, geopolitical risks remain in focus, with markets bracing for potential new US sanctions on Russia amid growing tensions over Ukraine.

Oil Climbs Amid Market, Tariff, Sanction Concerns

The S&P/TSX Composite slipped 0.2% to close at 27,023 on Friday, reversing from record highs after President Trump’s surprise decree of a 35% tariff on all non-USMCA Canadian imports unsettled both financials and export-reliant sectors. Canada’s financial giants RBC, Brookfield, BMO and Scotiabank, led the sell-off with losses of 0.6% to 1.1%, while export-sensitive rail giants Canadian Pacific and Canadian National tumbled 0.9% and 0.7%, respectively as investors braced for choked cross-border flows. Domestic resilience—underscored by June’s robust labour report, which added 83,100 jobs and drove unemployment down to 6.9%, and a 12% leap in May building permits to C$13.1 billion—dented expectations for a July 30th Bank of Canada rate cut. The TSX posted modest weekly declines.

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The Dow Jones Index Closes 0.64% Lower

Brent Advances on Outlook, Posts Weekly Gain

Oil Climbs Amid Market, Tariff, Sanction Concerns

TSX Eases From Record High