OPEC+ Extends Output Hikes as Oil Slides; Gold Surges on Rate-Cut Bets; Bitcoin Holds $63K

On July 6, with U.S. equity markets closed for the Independence Day holiday, investors looked to commodities, currencies, and crypto for clues on risk sentiment.

In energy markets, crude remained range-bound. Over the weekend, OPEC+ agreed to raise its production target by a further 188,000 barrels per day from August, the fifth consecutive monthly increase as the alliance gradually unwinds earlier cuts. At the same time, shipping through the Strait of Hormuz is normalizing and fears of Middle East supply disruptions continue to fade. Brent crude traded near $72 a barrel, while WTI hovered below $70. With geopolitical risk premiums receding, near-term trading focus is shifting back to supply-demand fundamentals.

Precious metals rallied. After June U.S. non-farm payrolls came in well below expectations, traders pared bets on near-term Federal Reserve rate hikes. The resulting pullback in the dollar and Treasury yields lifted spot gold above $4,170 on Friday, posting its first weekly gain in nearly five weeks. The advance reflects a repricing of the real-rate outlook rather than pure safe-haven demand.

In cryptocurrencies, Bitcoin held above $63,000 during thin weekend volume, while Ethereum lagged around $1,780. The absence of equity-market direction kept crypto turnover light, yet Bitcoin avoided heavy selling, suggesting short-term sentiment has stabilized. Over the longer horizon, however, the asset still contends with ETF outflows, sluggish regulatory progress, and competition from AI-related investments.

OPEC+ approved another output increase for August. The decision marks the fifth straight month of higher targets, signaling a shift from wartime supply restraint toward restoring market share. The key variables ahead are the actual implementation of the extra barrels and whether global demand can absorb them.

Red Sea shipping risks resurfaced. A British maritime agency reported that a cargo vessel came under fire from a small boat roughly 30 nautical miles southwest of Hodeidah, Yemen, on Sunday. The crew is safe and no group has claimed responsibility, though the incident occurred near Houthi-controlled territory. Any escalation could raise insurance costs and disrupt energy and commodity flows.

Samsung Electronics’ Q2 guidance highlights the AI memory boom. The company expects operating profit to jump roughly 18-fold year-on-year to about 86 trillion won, potentially a third consecutive quarterly record. Surging demand for AI servers and inference workloads is driving up prices for DRAM, NAND, and HBM chips. The outlook underscores how AI spending is lifting the memory complex, while also raising questions about the sustainability of the price rally as global supply expands.

The table below shows the ten most actively traded stocks in the latest session. Their deep liquidity makes them key gauges of global market dynamics.

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