COMMODITY
Crude oil futures settle lower amid excess supply concerns
Jul-04-2025

Crude oil futures ended lower on Thursday as excess US inventories and an upcoming OPEC+ meeting raised concerns about oversupply. Energy Information Administration’s (EIA) data showed that crude oil inventories rose by 3.8 million barrels to 419 million barrels for the week ending June 27. Additionally, total motor gasoline stocks rose by 4.2 million barrels to 232.1 million barrels, suggesting that summer season demand is not peaking as expected.

Benchmark crude oil futures for August declined $0.45 or about 0.67% at $67.45 a barrel on the New York Mercantile Exchange. Brent crude for September fell $0.31 or about 0.45% at $68.80 a barrel on London's Intercontinental Exchange.

  RELATED NEWS >>