April WTI crude oil is up 0.81% to $66.86 per barrel, reaching a 6.5-month high, driven by geopolitical tensions in the Middle East and a weaker dollar. April RBOB gasoline has risen 0.72% to $2.26 per gallon. The increase comes as the US embassy in Lebanon evacuates staff amid rising regional risks, and President Trump considers military action against Iran.
Current production levels indicate Iran’s crude production is 3.3 million barrels per day (bpd) and OPEC’s January output has dropped to a five-month low of 28.83 million bpd. Additionally, Venezuela’s crude exports surged to 800,000 bpd in January. Floating storage holds approximately 290 million barrels of Russian and Iranian crude, a 50% increase year-on-year.
The EIA’s latest report notes that US crude inventories are down 6.0% below the seasonal average, while production rose 0.2% to 13.735 million bpd. Active US oil rigs remain unchanged at 409, just above a 4.25-year low.
