Crude oil prices are down today due to signs of progress in Ukraine peace talks, potentially easing restrictions on Russian crude exports. Ukrainian President Zelenskiy secured commitments from President Trump for security guarantees and discussion on territorial swaps with Russia, which could impact crude prices. OPEC+ endorsed a production increase for September, adding 547,000 bpd, to reverse a 2-year production cut.

Concerns about higher OPEC production are affecting crude prices as OPEC+ plans to gradually restore 2.2 million bpd of production by September 2026. OPEC July crude production fell by -20,000 bpd to 28.31 million bpd. Vortexa reported a 12% decrease in crude oil stored on tankers, supporting oil prices. US crude oil inventories rose to a 2-month high in the week ending August 8, with US crude oil production slightly below record highs.

Baker Hughes reported that the number of active US oil rigs remained unchanged at 411, just above a 3.75-year low. The decline in oil rigs from a peak of 627 rigs in December 2022 reflects ongoing trends in the industry. Rich Asplund did not have any positions in the securities mentioned in this article.

Read more at Yahoo Finance: Crude Prices Pressured by Signs of Progress in Ukrainian Peace Talks