U.S. crude futures settled at $79.26 a barrel, down $3.35, or 4.06%.

Geneva, July 28 — The WTO published the panel report in China v Turkey (DS629). MOFCOM’s treaty and legal department said the panel upheld China’s claims and found Turkey’s measures on electric and other vehicles in breach of WTO rules. Since 2023 Turkey imposed additional tariffs and import licenses on Chinese electric and hybrid vehicles, which MOFCOM says violated tariff bindings, national treatment and MFN obligations and damaged China’s trade interests and bilateral economic ties. China welcomed the ruling and urged Turkey to respect the panel report and promptly correct the measures.

U.S. FHFA house-price index YoY 2.2% in May vs 2.0% prior.