Crude oil prices fell 0.73% to 5,295 after the United States reported an unexpected increase in crude oil supplies before the summer, which will increase demand. Instead of drawing as expected, US crude oil inventories rose by 1.3 million barrels, the Energy Information Administration (EIA) said.
Tensions in the Middle East, especially fears that Israel could attack Iran’s nuclear sites and disrupt crude oil supplies, helped to limit the price decline.
Meanwhile, the International Energy Agency (IEA) slightly raised its forecast for global crude oil demand growth in 2025 to 740,000 barrels per day, although it expects demand to slow later this year, slowing to 650,000 barrels per day due to economic challenges and more people buying electric vehicles.
