Crude oil prices rose by 2.83% to 5,988, driven by higher-than-expected US fuel demand and OPEC+’s potential delay in an output hike. U.S. gasoline inventories reached a two-year low, while crude inventories drew down by 0.515 million barrels, contrasting with a 2.3 million-barrel build.
Cushing, Oklahoma crude stocks rose by 0.681 million barrels. The U.S. Department of Energy plans to purchase up to 3 million barrels for the Strategic Petroleum Reserve, which has already seen 55 million barrels repurchased at an average price of $76 per barrel.
Saudi Arabia reiterated its commitment to maintaining a crude production capacity of 12.3 million barrels daily, reinforcing market stability.
The EIA’s Short-Term Energy Outlook reported a downward revision in global oil demand growth due to weaker economic conditions in China and North America. World oil demand is expected to grow by 1.2 million barrels per day to 104.3 million in 2025, 300,000 barrels lower than prior estimates.
