Crude oil prices down due to OPEC+ production increase and global oversupply concerns

From Yahoo Finance: 2025-06-30 11:44:00

Crude oil and gasoline prices are down today due to expectations that OPEC+ will increase production by 411,000 bpd and President Trump’s comments on Iran. The dollar index fell to a 3-1/4-year low, supporting energy demand. Concerns about a global oil glut persist, with Russia open to more output hikes.

Weak US economic news negatively impacts energy demand. Gasoline prices are supported by a projected record 61.6 million people traveling by car for the Fourth of July holiday. Tariff concerns continue to undercut oil prices, as President Trump plans unilateral tariffs.

A decline in crude oil stored on tankers is bullish for oil prices. US crude oil inventories were below seasonal averages, with production unchanged. Baker Hughes reported a decrease in active US oil rigs to a 3-3/4 year low. This information is for informational purposes only.



Read more at Yahoo Finance: Crude Oil Price Pressured by Global Oversupply Concerns