IEA monthly report forecasts non‑OPEC+ output will rise by 2.5 mln b/d in 2027.

Explosions heard again in Kyiv as drones attack the city.

Westpac chief economist Luci Ellis said further increases by the Reserve Bank of Australia are not the baseline. The RBA left the cash rate at 4.35% on Tuesday and used hawkish language on inflation-transmission risks and potential external shocks, but Ellis, a former RBA senior manager, said the bank’s own forecasts show inflation easing slowly toward target and this is not a forecast path that supports further rate increases.