Overview

• U.S. Energy Information Administration data showed a 3.2 million-barrel draw in domestic crude stocks last week, far exceeding analyst estimates.
• Russia’s announced plan to slash gasoline exports to all but a handful of existing buyers has provided fresh upward support for global benchmarks.
• The U.S. administration is preparing to allow Chevron to resume limited operations in Venezuela, a move that could boost the country’s output by roughly 200,000 barrels per day.
• Renewed doubts over pending U.S. trade agreements have strengthened the dollar, limiting further gains in oil prices.
• Market participants are now looking ahead to the OPEC+ ministerial committee meeting on August 3 for signals on future production policy and price direction.