WTI bias flipped 72 times to neutral on August 3, 2026
Oil prices have been supported by geopolitical tensions from the Iran conflict, but OPEC+ has been raising output for six consecutive months, and political pressure from the Trump administration to lower fuel prices is mounting. Meanwhile, U.S. producers like Diamondback are lifting production guidance, adding to supply. These factors are influencing the oil market as it reacts to both supply increases and geopolitical uncertainty.
Updated
The reading that day
NeutralAt the close of the UTC day.
BearishNeutralBullish
It changed 72 times during the day.
The day on the wire
00:0006:0012:0018:0024:00
The band shows the reading through the day; a mark shows where it changed. Each tick is a headline first seen that day.
The reading through the day
- 00:00Bullish
- 00:07Bearish
- 00:15Bullish
- 00:27Bearish
- 00:47Bullish
- 01:03Bearish
- 02:32Neutral
- 02:44Weak bullish
- 03:16Weak bearish
- 03:28Weak bullish
- 05:01Neutral
- 05:33Bearish
- 06:33Bullish
- 06:41Bearish
- 07:01Weak bearish
- 07:09Neutral
- 07:13Bearish
- 07:17Neutral
- 07:57Weak bullish
- 08:01Bearish
- 08:41Weak bearish
- 08:49Bullish
- 08:53Neutral
- 09:17Bearish
- 09:49Bullish
- 10:05Bearish
- 10:21Neutral
- 10:42Bearish
- 10:54Neutral
- 11:10Bearish
- 11:18Neutral
- 11:22Bearish
- 11:30Bullish
- 11:34Neutral
- 11:58Bearish
- 12:18Weak bullish
- 12:22Neutral
- 13:26Bullish
- 13:30Neutral
- 14:26Bullish
- 14:42Neutral
- 14:50Bullish
- 14:54Neutral
- 15:04Bullish
- 15:12Weak bearish
- 15:16Bullish
- 15:36Weak bullish
- 15:40Bearish
- 15:49Bullish
- 16:05Neutral
- 16:09Bullish
- 16:25Bearish
- 16:37Bullish
- 17:01Neutral
- 17:05Bullish
- 17:09Neutral
- 17:29Bearish
- 18:21Bullish
- 18:41Neutral
- 18:53Bearish
- 19:13Weak bearish
- 20:01Bullish
- 20:09Bearish
- 20:13Neutral
- 20:21Bearish
- 20:29Bullish
- 20:33Bearish
- 20:41Bullish
- 21:01Bearish
- 21:09Weak bullish
- 21:13Neutral
- 22:40Bullish
- 23:48Neutral
Headlines (15)
First seen on August 3
- CNBC Daily Open: Markets exhale as Trump steps back, OPEC+ steps upCNBC
- India commits $8.8bn to boost offshore oil and gassplash247.com
- Trump slams Chevron CEO, demands immediate reduction in US fuel pricesAl Jazeera
- California's diesel prices have jumped since the Iran war started, with ripple effects across the countryCNBC
- Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'CNBC
- Diamondback Energy Lifts Production Guidance, Reports Surging Profit on High Oil PricesThe Wall Street Journal
- Petrol prices strain US households as oil giants Chevron, Exxon profits soarAl Jazeera
Carried over from earlier days
- Petrol prices on track to top $2 a litre as Bowen sounds death knell for fuel excise reliefThe Guardian
- OPEC+ may keep lifting its oil output quotas as the Iran war broadens. Why that won’t help lower prices.MarketWatch
- Turkiye and Iraq sign one-year oil pipeline deal amid global shiftAl Jazeera
- Suriname's $26 Billion Oil Bet Is Finally Paying OffOilPrice.com
- OPEC, Allies Increase Oil Output for Sixth Time in a RowThe Wall Street Journal
- Investors scored on Iran war's oil market boom. Staying long the trade will get trickierCNBC
- Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint?Al Jazeera
- Subsea7 lands up to $150m Shell pipeline job off Bruneisplash247.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Monday, August 3 | ||
| RatingDog Manufacturing PMI | 51.9 | CNY |
| Bank Holiday | CAD | |
| Tuesday, August 4 | ||
| Trade Balance | 3.0B | CAD |
| Manufacturing PMI | 52.2 | CAD |
| Wednesday, August 5 | ||
| RatingDog Services PMI | 53.7 | CNY |
| Crude Oil Inventories | USD | |
| Friday, August 7 | ||
| Trade Balance | 735B | CNY |
| USD-Denominated Trade Balance | 108.6B | CNY |