Crude Oil Opens Down 1.63% to $65.91

WTI crude (August ’25 contract) fell $1.09 (-1.63%) to $65.91 on Thursday, pressured by growing concerns over rising global supply. The decline followed a volatile week, with prices initially spiking above $68 before retreating sharply after July 2.

The weakness comes as traders respond to OPEC+’s latest move to raise crude production by 548,000 barrels per day in August, adding to already elevated inventory levels and signaling confidence in near-term demand stability.

Despite geopolitical tensions and summer driving season demand, the increase in supply appears to be capping upside momentum for now.