Oil prices slightly rose after reports of OPEC+ planning to increase production in August

From Yahoo Finance: 2025-06-26 21:23:00

Oil prices slightly rose on Friday after reports of OPEC+ planning to increase production in August. Brent crude settled at $67.77/barrel, up 0.1%, while U.S. WTI finished at $65.52/barrel. Prices dropped 12% for the week, the largest since March 2023, following a ceasefire between Israel and Iran.

During the 12-day war, Brent prices briefly rose above $80/barrel before falling to $67/barrel after a ceasefire announcement. Analysts believe the market has shifted to a fundamentals-driven focus, shrugging off geopolitical risk premiums. Expectations of higher demand in the coming months provided a boost to crude prices.

Multiple oil inventory reports showed strong draws in middle distillates, with U.S. government data revealing falling crude oil and fuel inventories. Independently held gasoil stocks in Amsterdam-Rotterdam-Antwerp and Singapore’s middle distillates inventories declined, while China’s Iranian oil imports surged in June.

China, the world’s top oil importer and biggest buyer of Iranian crude, purchased over 1.8 million barrels per day of Iranian crude in early June. The U.S. oil and natural gas rig count fell for a fourth straight month to its lowest level since October 2021, with the number of oil rigs dropping to 432, the lowest since October 2021.



Read more at Yahoo Finance: Oil steadies after report of planned OPEC+ August output hike