As of today, August WTI crude oil prices fell by $3.02 (-4.13%) to reach a 3.5-month low, while August RBOB gasoline prices decreased by $0.0842 (-2.95%). The decline is attributed to a rising dollar index, which hit a 13-month high, and the resumption of crude supplies through the reopened Strait of Hormuz, alleviating global supply concerns.
The International Energy Agency reported that the UAE is exporting oil at nearly 85% of pre-war levels, contributing to an increase in global stockpiles. Additionally, the EIA’s latest inventory report showed a decrease in crude inventories by 6.09 million barrels, though gasoline and distillate stocks unexpectedly rose by 2.06 million and 3.06 million barrels, respectively.
Current US oil production stands at 13.819 million barrels per day, a slight increase of 0.1% week-over-week. Meanwhile, the number of active US oil rigs remained unchanged at an 11-month high of 433. The outlook for oil prices remains bearish amid anticipated increases in OPEC production and a projected decline in global oil demand by 1.1 million bpd, as per IEA’s recent updates.
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