Overview

• The U.S. Energy Information Administration reported a 3.9 million-barrel draw in crude inventories for the week ending July 11, signaling tighter supply.
• The American Petroleum Institute estimated a record 19.1 million-barrel build in the same period, the largest weekly increase in over a decade.
• OPEC+ approved a 548,000 barrel-per-day increase in August production and signaled further similar hikes could follow.
• U.S. gasoline and distillate stocks rose by 3.4 million and 4.2 million barrels respectively, damping expectations for peak summer demand.
• Geopolitical developments—from President Trump pausing new Russian oil sanctions to Kurdistan drone attacks cutting about 200,000 bpd—continue to sway market sentiment.