Crude oil and refined product futures were lower at midday Thursday on continued concerns about possible additional production by OPEC and its allies and trade tensions.
The NYMEX July West Texas Intermediate crude contract was down by about 75cts to $61.10/bbl at about noon ET and the August WTI contract was off by 85cts to $60.35/bbl.
The July ICE Brent contract was off by 70cts to $64.20/bbl and August Brent was 85cts lower at $63.45/bbl.
The more-active NYMEX July RBOB contract was off by 1.8cts to $2.0455/gal and June RBOB was down by 2.35cts to $2.066/gal. The NYMEX July ULSD contract was 2.9cts lower to $2.0415/gal and June ULSD was off by 3cts to $2.058/gal.
The Energy Information Administration at midday reported U.S. commercial oil stocks fell by 2.8 million bbl in the week ended Friday. The agency also estimated gasoline stocks fell last week by 2.4 million bbl, while distillate stocks declined by 700,000 bbl.
Most analysts expect OPEC+ members will announce another production increase for July when the group meets this weekend.
Financial markets were also digesting news that the U.S. Court of International Trade invalidated almost all of President Trump's tariffs. The Trump administration said it would appeal the ruling.
In U.S. cash markets, Pacific Northwest sub-octane gasoline prices were down by nearly 7cts, while other physical products were mostly tracking declines in futures.
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 Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
May 29, 2025 12:38 ET (16:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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