By tredu.com • 7/3/2025
Tredu
West Texas Intermediate (WTI) — the U.S. crude oil benchmark — fell to around $66.40 during early Asian trading on Thursday. The drop follows a surprise increase in U.S. crude inventories, according to the latest Energy Information Administration (EIA) report.
The EIA reported that U.S. crude stocks rose by 3.845 million barrels in the week ending June 27. This contrasts sharply with last week’s drawdown of 5.836 million barrels and market expectations for a 2 million barrel decrease. The data suggests weaker domestic demand, pressuring WTI prices downward.
Oil traders remain cautious ahead of the OPEC+ meeting, where key output policies for August will be determined. Any changes in production quotas could further influence short-term price movements.
Adding to market volatility, Iran has suspended cooperation with the International Atomic Energy Agency (IAEA). A senior Iranian official stated that the Supreme National Security Council must approve future inspections. Tehran accuses the IAEA of favoring Western interests and legitimizing Israeli airstrikes.
The combination of a surprise crude inventory build, uncertainty surrounding OPEC+ policy, and heightened geopolitical risk could keep oil prices volatile in the coming days. Investors should stay alert to news from Vienna (OPEC+) and further developments in U.S.-Iran relations.
For more insights, read our Energy Markets News section.
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