Oil prices edged higher this morning after posting the biggest two-day decline since 2022, as traders assessed the Iran-Israel ceasefire and the API report overnight that pointed to another drop in US crude stockpiles.

“There is no longer any real fear of the conflict spreading,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “With Trump’s comments on Iranian oil exports, downward pressure on oil prices is likely to continue.”

The official data confirmed API's reported big crude draw and products also saw major inventory drawdowns last week...

Total US crude stockpiles dropped to their lowest since January...

Despite a small 237k addition to the SPR, Crude stocks fell for the 5th straight week...

US crude production pushed modestly higher last week as the rig count continues to slide...

WTI Crude prices inched higher after the report following two days of carnage...

The OPEC+ alliance is due to hold discussions on July 6 to consider a further supply boost in August.

...fifth straight week of crude inventory drawdowns.
{ai:summary}Oil prices rose slightly after experiencing their largest two-day drop since 2022, influenced by the Iran-Israel ceasefire and a report indicating a decline in US crude stockpiles. Analysts suggest ongoing downward pressure on prices may continue due to geopolitical factors.US crude inventories have reached their lowest levels since January, with significant drawdowns in gasoline and distillates. Despite a small increase in the Strategic Petroleum Reserve, crude stocks have fallen for five consecutive weeks, while US production has seen a modest rise amid a declining rig count. #economy

WTI Crude Prices Edge Higher After Across The Board Inventory Draws

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