Crude oil and refined product futures contracts were seeing gains Wednesday morning as concerns about global supply helped offset anticipation that OPEC and its allies could soon agree to another increase in production.

Oil prices were up by nearly 1.6% at 11:15 a.m. ET, with the July West Texas Intermediate crude contract up 90cts to $61.79/bbl and August prices moving 86cts higher to $61.19/bbl.

Brent crude gains were a little lower, with the July contract ahead by 86cts to $64.95/bbl and August seeing gains of 84cts to $64.41/bbl.

RBOB futures are on track for their first gains in five sessions, with June prices ahead by 1.07cts to $2.0826/gal and July prices adding 1.42cts to $2.0622/gal.

ULSD futures are on track to end a three-day streak of losses, with the front-month contract rising 1.54cts to $2.0948/gal and July prices rising by 2.14cts to $2.0744/gal.

The gains come as markets deal with a variety of news reports that could impact oil supply and demand.

On Tuesday, Reuters reported that the Trump administration is not extending Chevron's license to export oil from its operations in Venezuela. The administration is allowing the company to maintain its infrastructure in the country, but Chevron produces about 220,000 b/d in Venezuela, and the Biden administration had allowed the company to operate there under a license that expired this week.

Markets have also been watching ongoing negotiations between the U.S. and Iran that could lead to a new nuclear deal and an easing of sanctions on that country. But an agreement still seems some way off and the New York Times reported Tuesday that Israel was considering strikes on targets in the country, which could complicate negotiations. Israel has called the reports false.

Meanwhile, OPEC and its allies are expected to meet Saturday to discuss possibly raising production by 411,000 b/d in July. That increase would come on top of similar-sized additions in May and June and has raised worries about markets being oversupplied later in the year.

Wednesday's movements come as federal oil supply and demand data that is normally released Wednesday mornings have been delayed due to the federal Memorial Day holiday. The Energy Information Administration will release its weekly Petroleum Status Report on Thursday this week. The American Petroleum Institute, which normally releases its own inventory data Tuesday evening is expected to release its data later this afternoon.

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 28, 2025 12:25 ET (16:25 GMT)

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