On June 19, August WTI crude oil prices fell by $2.87 (3.92%) to close at a 3.5-month low, while August RBOB gasoline dropped by $0.0669 (2.34%). The decline was influenced by a 13-month high in the dollar index ($DXY) and increased crude supplies following the reopening of the Strait of Hormuz, which has allowed over 100 tankers to resume oil transport.
The International Energy Agency (IEA) reported a significant drop in global oil demand, projecting a decline of 1.1 million barrels per day (bpd) this year. In contrast, U.S. crude production rose to 13.819 million bpd, nearing its record high of 13.862 million bpd. Furthermore, the U.S. Energy Information Administration’s latest report indicated that crude inventories fell by 6.09 million barrels, marking a four-year low.
Baker Hughes noted that the number of active U.S. oil rigs remained stable at 433, which is an 11-month high, though it remains below the peak of 627 rigs reported in December 2022.
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