Crude oil prices slip due to OPEC+ expected production increase, negative.

From Yahoo Finance: 2025-06-30 15:20:00

On Monday, August WTI crude oil closed down -0.63% while August RBOB gasoline closed up +0.13%. Crude prices were pressured by expectations of OPEC+ increasing production levels and President Trump’s comments on Iran sanctions relief.

The dollar index fell to a 3-1/4-year low, limiting crude losses. The S&P 500 hitting a record high shows confidence in the economic outlook, supporting energy demand and crude prices.

Russia’s openness to another output hike for OPEC+ in August is negative for oil prices. OPEC+ agreed on a production hike for July and Saudi Arabia may follow with similar increases to reduce prices and punish overproducing members.

Weak US economic news affects energy demand and crude prices. Reports such as the Jun MNI Chicago PMI falling to 40.4 and the June Dallas Fed manufacturing outlook survey weaker than expected contribute to this trend.

Gasoline prices are supported by AAA’s projection of a record number of travelers for the Fourth of July holiday, indicating strong gasoline demand. President Trump’s plans for unilateral tariffs also affect oil prices.

A decrease in crude oil stored on tankers is bullish for oil prices. Vortexa reported a decrease in oil stored on stationary tankers, signaling potential supply constraints and supporting prices.

The EIA’s report shows US crude oil inventories below seasonal averages, with production unchanged. Active US oil rigs have fallen to a 3-3/4 year low, indicating decreased drilling activity.

Rich Asplund did not have any positions in the mentioned securities. All information is for informational purposes only. This article was originally published on Barchart.com.

Read more: Crude Oil Prices Slip as OPEC+ Expected to Boost Production