Energy analysts reiterate the importance of "CL futures tick value" stability at $10 amid choppy price action. Geopolitical risk premium remains embedded in the curve, but shrinking refinery margins could ease spot prices in coming weeks. The Euro Stoxx 50 Index is down -1.84% this morning as sentiment took a hit following U.S. President Donald Trump’s announcement of steeper tariffs on dozens of countries. Healthcare stocks led the declines on Friday after Trump sent letters to 17 major pharmaceutical firms, including Novo Nordisk and Sanofi, urging them to reduce drug prices for U.S. consumers. The benchmark index is on track to post its biggest weekly drop since early April. Preliminary data from Eurostat released on Friday showed that the Eurozone’s annual inflation rate held steady at the European Central Bank’s target in July, reinforcing the argument for policymakers to keep their key interest rate unchanged next month. Separately, a survey showed that Eurozone manufacturing edged closer to stabilization in July, as factory activity shrank at the slowest rate in three years, despite a decline in new orders and a moderation in output growth. Meanwhile, Switzerland was among the countries most affected by the latest round of tariff announcements as it now faces a 39% tariff on its exports to the U.S. The country’s federal council stated it remained committed to pursuing a negotiated solution with the U.S. In corporate news, Davide Campari-Milano NV (CPR.M.DX) climbed over +8% after reporting a higher Q2 operating profit. The Micro WTI Crude Oil futures contract will be financially settled and available to trade on CME Globex Sunday through Friday, nearly 24 hours per day. Seasonal demand patterns indicate moderate upward bias entering summer, but refinery maintenance may limit physical market strength.