On Wednesday, July WTI crude oil closed at $75.70, up 0.40%, while RBOB gasoline rose by 1.62% to $2.30 per gallon. The increase in crude prices was influenced by heightened concerns over the potential escalation of the Israel-Iran conflict, following remarks from Iran’s Supreme Leader regarding resistance to U.S. demands for surrender.
According to the EIA report, U.S. crude inventories plummeted by 11.47 million barrels, significantly higher than the expected drop of 2.5 million barrels, while gasoline inventories increased by 209,000 barrels—less than the anticipated 1.1 million barrels. Currently, U.S. crude oil production remains steady at 13.431 million barrels per day, below last December’s record of 13.631 million.
Concerns regarding a global oil glut persist as OPEC+ plans to incrementally increase crude production, reversing the two-year production cuts. OPEC+ crude production was recorded at 27.54 million barrels per day, a rise of 200,000 barrels. Additionally, active U.S. oil rigs dropped by 3 to 439, marking a three-and-three-quarter year low.
