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Oil prices slip as OPEC+ output climbs and U.S. fuel stocks surge

OPEC+ output boost meets U.S. fuel stockpiles surge, pressuring markets

OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/File Photo
An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, August 24, 2022. REUTERS/Pascal Rossignol/File Photo
A wildfire burning northeast of Summit Lake, B.C., on Monday, in an image supplied by the B.C. Wildfire Service.
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Overview

  • OPEC+ agreed to raise production by 411,000 barrels per day in July, with Saudi Arabia advocating for similar increases into August and September.
  • U.S. crude inventories declined by 4.3 million barrels in the week to May 30, while gasoline and distillate stocks rose by 5.2 million and 4.2 million barrels respectively, according to EIA data.
  • Saudi Arabia cut its July selling prices for Asian crude to near four-year lows, adding downward pressure on global benchmark prices.
  • Canadian wildfires removed about 344,000 barrels per day of oil production, offering temporary support despite the broader supply increase from OPEC+.
  • Escalating U.S.-China tariff tensions and an OECD downgrade to global growth forecasts are weighing on oil demand expectations and investor sentiment.