On July 11, August WTI crude oil closed down 0.46% at $66.11 per barrel, while August RBOB gasoline rose 0.19%. The drop in crude oil prices followed President Trump’s decision to refrain from imposing new sanctions on Russian oil exports, opting instead for future tariff threats against Russia and countries purchasing its oil.
Current U.S. crude oil inventories are reported to be 8.0% below the seasonal five-year average, with gasoline inventories down 1.2% and distillate inventories down 23.6%. In production news, U.S. crude oil production fell by 0.4% to 13.385 million barrels per day, while the number of active U.S. oil rigs fell to 424, a low not seen in 3.75 years.
OPEC+ is planning a monthly production increase of 548,000 barrels per day starting August 1, amid concerns of a potential global oil glut due to slowing demand. The International Energy Agency projects a surplus in the global crude market by Q4-2025, equivalent to 1.5% of global consumption.
