September WTI crude oil is down by $0.10 (-0.16%), and September RBOB gasoline is down $0.063 (-0.30%) as of today. Crude prices are being pressured by a strong U.S. dollar and potential geopolitical easing with a meeting scheduled between President Trump and Russian President Putin to discuss the Ukraine conflict.
Concerns about a global oil supply glut are mounting as OPEC+ has approved a production increase of 547,000 barrels per day (bpd) for September 1, aiming to restore total production by 2.2 million bpd by September 2026. Current OPEC+ supplies that are offline amount to 1.66 million bpd until late 2026, and the International Energy Agency warns of a crude market surplus equivalent to 1.5% of global consumption by Q4-2025.
Recent data show U.S. crude oil inventories as of August 1 are 6.5% below the 5-year seasonal average, while active U.S. oil rigs have dropped to a 3.75-year low of 410 rigs.
