**Crude Oil and Gasoline Prices Decline to Multi-Week Lows**
On August 2, 2023, September WTI crude oil closed down $0.55 (-0.73%), settling at a three-week low, while September RBOB gasoline fell $0.0134 (-0.47%) to a 4.75-month low. These declines were driven by increased optimism regarding a potential deal between the US and Iran to reopen the Strait of Hormuz, alongside an unexpected rise in US crude inventories, which increased by 2.48 million barrels, countering market expectations of a draw.
Key data from the EIA shows US crude oil inventories as of July 31 were 6.2% below the seasonal five-year average, while gasoline stocks were similarly down. Crude oil production rose by 0.1% week-over-week to 13.804 million barrels per day, nearing record levels. Meanwhile, OPEC reported a production increase of 188,000 barrels per day for September, fully restoring cutbacks made earlier this year.
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