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On Thursday, August WTI crude oil closed down by $0.45 (0.67%) at a price influenced by the U.S. plans to restart nuclear talks with Iran, potentially leading to increased Iranian oil exports and market uncertainty ahead of the upcoming OPEC+ meeting. August RBOB gasoline also fell, closing down $0.0043 (0.20%).
Concerns over a global oil glut are impacting prices; Russia indicated openness to an output hike for OPEC+, which had previously agreed to increase production by 411,000 barrels per day (bpd) in July and June. The group aims to gradually restore a total of 2.2 million bpd by September 2026. OPEC’s June production reached a 1.5-year high of 28.10 million bpd.
Furthermore, recent EIA data showed U.S. crude oil inventories increased by 3.85 million barrels, contrary to expectations of a draw. Additionally, active U.S. oil rigs fell by 7 to a 3.75-year low of 425 rigs, marking a significant decline from a peak of 627 in December 2022.
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