On Friday (August 29), the main U.S. oil contract closed down 0.91% at $64.01 per barrel, while the main Brent crude contract fell 0.76% to $67.46 per barrel.

According to the monthly report released by the U.S. Energy Information Administration (EIA) on August 29, U.S. crude oil production climbed to 13.58 million barrels per day in June, not only setting a new historical record but also exceeding the previously released preliminary weekly estimates by approximately 150,000 barrels per day.

This record production pushed the total U.S. liquid fuel output to a historical peak of 21.10 million barrels per day in June, an increase of about 145,000 barrels from the previous month.

Recently, U.S. President Donald Trump stated that crude oil futures prices would "soon" fall below $60 per barrel.

A previous Goldman Sachs report pointed out that the oil surplus is expected to further expand, with an average surplus supply of 1.8 million barrels per day from the fourth quarter of 2025 to the fourth quarter of 2026, leading to a nearly 800 million barrel increase in global inventories by the end of 2026. By the end of 2026, Brent crude futures contract prices are expected to fall to around $50 per barrel due to worsening oversupply next year.

International precious metals futures generally closed higher, with COMEX gold futures up 1.20% at $3,516.10 per ounce and COMEX silver futures up 2.64% at $40.75 per ounce.

Weak U.S. economic data supported the rise in gold prices. The final University of Michigan Consumer Sentiment Index for August was 58.2, lower than the expected 58.6. Meanwhile, the U.S. trade deficit in July expanded significantly by 22.1% to $103.6 billion, far exceeding market expectations, indicating that trade may significantly drag on economic growth in the third quarter.

U.S. Treasury yields were mixed: the 2-year yield fell 0.82 basis points to 3.619%, the 3-year yield fell 0.86 basis points to 3.577%, the 5-year yield rose 0.70 basis points to 3.694%, the 10-year yield rose 2.31 basis points to 4.224%, and the 30-year yield rose 4.88 basis points to 4.921%.