On August 8, the main U.S. crude oil contract closed down 0.83% at $63.35 per barrel, marking a weekly decline of 5.91%. The main Brent crude oil contract fell 0.45% to $66.13 per barrel, down 5.08% for the week.

Recently, OPEC+ agreed to increase daily oil production by 547,000 barrels in September, the latest move in a series of measures to accelerate production increases and regain market share.

This move signifies that OPEC+ has not only fully and prematurely reversed its largest-scale production cut plan but also additionally increased production for the UAE by approximately 2.5 million barrels per day, accounting for about 2.4% of global demand.

Nanhua Futures (603093) believes that oil prices have continued to decline recently, approaching the lower edge of the fluctuation range since July. The current fundamentals are mixed. On the bullish side: first, EIA weekly data showed a decline in U.S. crude oil and refined product inventories; second, Saudi Arabia significantly raised official prices beyond market expectations; third, Trump announced an additional 25% tariff on goods imported from India starting August 27, raising the total tariff rate to 50%. On the bearish side: U.S. President Trump stated that the U.S. and Russia are "very close" to reaching an agreement on the Ukraine issue, increasing the likelihood of a Russia-Ukraine ceasefire.

Nanhua Futures noted that market reactions have shown limited response to bullish factors. Overall, fundamentals will dominate the market. As seasonal demand weakens, the risk of oversupply intensifies, and time is bearish for oil, upside potential is limited. Downside risks should be noted, with a lack of substantial positive factors in the short term.

International precious metal futures generally closed higher. COMEX gold futures rose 0.13% to $3,458.2 per ounce, up 1.72% for the week. COMEX silver futures rose 0.56% to $38.51 per ounce, up 4.28% for the week.

U.S. Treasury yields rose across the board. The 2-year yield increased by 3.45 basis points to 3.762%, the 3-year yield rose by 4.17 basis points to 3.731%, the 5-year yield climbed by 4.15 basis points to 3.833%, the 10-year yield gained 3.49 basis points to 4.287%, and the 30-year yield added 2.53 basis points to 4.853%.