Crude Oil Brent Jul '27 (CBN27)
Crude Oil Brent Futures Market News and Commentary
September WTI crude oil (CLU26) is down -0.19 (-0.23%), and September RBOB gasoline (RBU26) is down -0.0276 (-0.88%).
Crude oil and gasoline prices are trading lower today on the surge in US oil inventories seen in the weekly EIA inventory report.
Oil prices found support today after the International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen, even as oil demand is taking a hit from the war and high prices. The IEA said global oil inventories will fall in Q3 at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.
Oil prices are underpinned as there appears to be little progress toward a US-Iran agreement to open the Strait of Hormuz. Iran's state-owned Islamic Republic of Iran Broadcasting (IRIB) said Tuesday afternoon that the Strait of Hormuz would remain shut until all its conditions are met.
Nevertheless, Pakistan on Tuesday suggested the US and Iran were close to an... Read more
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