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On Friday, July WTI crude oil closed at $64.54, up 1.91%, reaching a 1.5-month high. July RBOB gasoline also increased by 0.67%. This rise is attributed to strong global economic indicators, including a better-than-expected US May payroll report showing an increase of 139,000 jobs, surpassing the 126,000 forecast, and a revised Eurozone Q1 GDP of 0.6% quarter-over-quarter.
Additionally, wildfires in Alberta, Canada, have disrupted nearly 350,000 barrels per day of crude production, amounting to about 7% of Canada’s total output. In contrast, concerns over an oil supply glut have emerged as OPEC+ agreed to increase crude production by 411,000 bpd starting in July, while US oil rigs fell to a 3.5-year low of 442 rigs.
As a backdrop, the US dollar’s strength limited further gains in crude prices, despite a recent decline in crude oil held in tankers, which fell by 28% week-over-week to 72.07 million barrels. Crude oil inventories have increased by 170 million barrels over the past 100 days, indicating continued market pressures.
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