August WTI crude oil is down $0.91 (-1.37%) at $65.34, and August RBOB gasoline is down $0.0374 (-1.72%) at $2.14 as of July 11, 2025. Crude oil prices are influenced by expectations of a global oil surplus later this year, driven by OPEC+ agreeing to raise production by 548,000 barrels per day (bpd) starting August 1, exceeding expectations of 411,000 bpd.
In the week ending July 11, the U.S. Energy Information Administration (EIA) reported a decline in U.S. crude inventories by 3.859 million barrels, with current levels 8.0% below the seasonal 5-year average. Gasoline and distillate inventories increased by 3.399 million barrels and 4.173 million barrels, respectively. U.S. crude oil production slightly decreased by 0.1% to 13.375 million bpd.
Additionally, the Baker Hughes report showed the active U.S. oil rigs fell to a 3.75-year low of 424 rigs, significantly down from 627 rigs in December 2022. In contrast, crude oil stored on stationary tankers decreased by 4.6% over the past week to 78.03 million barrels, indicating positive market sentiment.
