July WTI crude oil futures (CLN26) closed at $88.10, down $3.10 (-3.40%) on Tuesday, marking a seven-week low. July RBOB gasoline futures (RBN26) fell by $0.0495 (-1.61%), reaching an eight-week low. Prices dropped amid reports of a ceasefire between Israel and Iran, easing concerns over the Strait of Hormuz, a critical oil shipping lane, while China’s crude imports in May plunged to 7.8 million barrels per day (bpd), the lowest in over eight years.
The U.S. Department of Energy adjusted its 2026 crude production estimate upwards to 13.72 million bpd, reflecting a bearish forecast for oil prices. Meanwhile, OPEC’s production in May decreased by 3.36 million bpd, reaching a 40-year low of 16.33 million bpd. Reports from Vortexa indicated that crude oil stored on stationary tankers also rose by 1.2% week-over-week, totaling 86.59 million barrels. Next, the EIA is expected to report a decrease of 2.2 million barrels in crude inventories for the week ending in June.
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