On Friday, July WTI crude oil (CLN25) closed down by $0.21 (-0.28%), while July RBOB gasoline (RBN25) rose by $0.0209 (+0.91%). Gasoline prices reached a 10-1/4 month high, largely supported by projections from the American Automobile Association (AAA) that 61.6 million people will travel by car during the Fourth of July holiday, marking a 2.2% increase from last year.
Crude oil prices were influenced by President Trump’s announcement to allow two weeks for diplomatic discussions concerning Iran before considering military action. Additionally, OPEC+ plans to increase crude production by 411,000 barrels per day (bpd) in July, contributing to concerns about a potential global oil glut.
As of June 13, US crude oil inventories were 10.2% below the seasonal average, while active US oil rigs decreased to a 3-3/4 year low of 438 rigs, reflecting a significant decline from the 627 rigs recorded in December 2022.
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