Crude oil and refined product futures prices were falling heading into Thursday afternoon, pushed lower by reports that OPEC and its allies are considering additional production increases.

Crude prices were down by 1.1% at 11:30 a.m. ET as they headed for a third day of declines, with the July West Texas Intermediate crude contract falling by 71cts to $60.86/bbl while August prices saw a similar loss to $60.32/bbl. Both contracts are about 40cts off intraday lows.

July Brent crude was moving 78cts lower to $64.13/bbl and August prices were cut by 73cts to $63.65/bbl.

ULSD futures were falling by nearly 1.3%, with prices for the lightly traded June contract down by 2.78cts to $2.1113/gal and the more active July contract dropping by 2.52cts to $2.0792/gal.

RBOB futures were moving 1.4% lower, with the front-month contract down by 2.93cts to $2.1205/gal and July prices slipping by 2.44cts to $2.0807/gal as it received the most attention from buyers.

The pressure on markets comes as Bloomberg News on Thursday reported that members of the OPEC+ group are considering another output hike in July. The group has already agreed to raise production by 411,000 b/d in both May and June, and the report indicates discussions include a similar-sized increase in June.

Talk of the increase comes as markets are already concerned about supply outstripping demand in the latter half of the year, with fears of a possible global economic slowdown in coming months further feeding demand concerns.

With the busy summer driving season in North America starting this weekend, markets have also been digesting the latest data from the Energy Information Administration, which shows U.S. gasoline demand in recent weeks backing off recent highs and falling back below levels seen year.

Gasoline and diesel prices were falling in spot markets around the country Thursday, pushed lower by the action on the NYMEX screen.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

May 22, 2025 12:23 ET (16:23 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.