WTI crude oil prices increased by 0.42% to $88.71 per barrel, while RBOB gasoline prices rose by 0.55% to $3.06 per gallon as of July 5, 2023. The price boost followed recent US military strikes on Iranian targets and Kuwait’s reported responses to Iranian threats. However, gains were tempered after reports emerged of a US-Iran ceasefire deal lasting 60 days.
Key figures from the latest EIA inventory report revealed a 3.33 million barrel draw in US crude oil inventories, surpassing expectations of a 3 million barrel decline. Additionally, gasoline supplies decreased by 2.57 million barrels and distillate stockpiles fell by 2.1 million barrels to a 23-year low. Currently, US crude production is at 13.715 million barrels per day, slightly below the record high of 13.862 million barrels set in November 2022. The number of active US oil rigs rose by 10 to 425, the highest in over 10 months.
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