The crude oil of WTI August (CLQ25) Wednesday closed by +0.55 ( + 0.85%), and the rbob with gasoline August (RBQ25) closed by -0.0049 (-0.24%).
The prices of crude oil and gasoline settled on Wednesday mixed. Brut oil found support Wednesday in the Haussier weekly EIA report, which showed a larger than expected draw in crude oil stocks and an increase in American petrol demand at a level of 3-1 / 2 years.
However, crude prices fall back from their best level and gasoline decreased after Russia said it was open to another production increase at the next OPEC + meeting on July 6. In addition, there is speculation that the United States could soon raise sanctions against Iranian raw exports, following the announcement of President Trump that the United States will hold a meeting with Iran next week.
The concern about a global overabundance of oil is negative for raw prices. On May 31, OPEC + accepted an increase of 41,000 b / day for July after having increased production of the same amount for June. Saudi Arabia has indicated that additional similar increases could follow, which is considered a strategy to reduce oil prices and punish OPEC + members, such as Kazakhstan and Iraq. OPEC + increases production to reverse the drop in production of 2 years, gradually restaurants a total of 2.2 million b / d production. OPEC + had previously planned to restore production between January and end of 2025, but now that the reduction in production will not be fully restored before September 2026. OPEC may that crude production increased by + 200,000 B / d to 27.54 million B / d.
Fuel prices have the support of the projection of the American Automobile Association (AAA) according to which a record of 61.6 million people will travel by car during the holidays from July 4 (June 28 to July 6), up + 2.2% compared to last year and a stronger sign of demand for fuel.
Oil prices continue to be underestimated by pricing concerns, as President Trump recently declared that he intended to send letters to dozens of American trade partners within one to two weeks, fixing unilateral prices before the deadline of July 9 which followed his 90-day break.
A decrease in crude oil owned worldwide on oil tankers is optimistic for oil prices. Vortexa reported on Monday that crude oil stored on oil tankers who had been stationary for at least seven days had dropped by -13% with 79.66 million BBL the week ended on June 20.
