As of today, September WTI crude oil (CLU25) has increased by $0.66 (+1.01%), while September RBOB gasoline (RBU25) rose by $0.0353 (+1.69%). This price surge is attributed to a drop in the dollar index to a one-week low and ongoing geopolitical tensions related to the Ukraine-Russia war.
Saudi Aramco’s recent price hike for Arab Light crude by $1 per barrel for September deliveries to Asia, ahead of expectations, also supported oil prices. Additionally, a bullish weekly EIA inventory report indicated a larger-than-expected fall in U.S. crude oil inventories by 3.03 million barrels, surpassing the estimated drop of 2.6 million barrels.
Furthermore, OPEC+ announced a production increase of 547,000 barrels per day (bpd) for September, pulling back from two years of production cuts. However, the International Energy Agency projected a potential surplus in the global crude market by the end of 2025, equating to 1.5% of global consumption.
