As of today, July WTI crude oil (CLN25) is down by $0.26 (0.35%), while July RBOB gasoline (RBN25) is up by $0.0057 (0.25%). Gasoline prices have reached a 10-1/4 month high, supported by a weaker dollar and rising concerns over the Israel-Iran conflict.
Despite pressures on crude oil from U.S. President Trump, who is postponing any military action against Iran for two weeks to explore diplomatic options, reports indicate Iran is ready to limit uranium enrichment, adding downward pressure on prices. Additionally, crude oil stored on tankers has decreased by 7.2% week-over-week, now totaling 73.97 million barrels, which is considered bullish for oil prices.
On the production front, OPEC+ has agreed to increase crude output by 411,000 barrels per day for July, aiming to reverse two years of production cuts. The latest EIA report reveals U.S. crude oil inventories are 10.2% below the seasonal average, and active U.S. oil rigs are at a nearly four-year low, with only 439 rigs reported.
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