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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·
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Energy Market Briefing

Friday, July 3, 2026

1. Headlines

Oil prices are essentially flat today, with WTI up a marginal 9 cents to $68.78 and Brent gaining 33 cents to $72.13, according to market data. The primary narrative is a clash between improving physical supply and political pressure. A Reuters survey reported by OilPrice.com shows OPEC production rebounded sharply in June, jumping 3.3 million barrels per day from May's multi-decade lows as Gulf producers restart shut-in wells. Concurrently, the Trump administration is escalating its campaign against fuel prices. The Justice Department and FTC have formally urged state attorneys general to enforce their own price-gouging laws against fuel retailers, according to a letter seen by CBS News and reported by OilPrice.com.

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