WTI hits a 4.25-month low as Middle East supply rebound pressures crude
AI Market Summary
Oil and gasoline extended a multiweek slide as Middle East exports rapidly normalized and OPEC+ confirmed additional supply, reinforcing near-term oversupply concerns. Saudi and UAE shipments are near prewar levels, while stronger Russian exports add to global availability. Improved U.S.-Iran diplomacy reduces geopolitical risk premia. Despite below-average U.S. inventories and infrastructure risks in Russia, the supply narrative is dominating near-term pricing.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT+1.59%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▼ Bearish
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WTI crude futures (CLQ26) fell 1.33% in one session to a new 4.25-month low, while RBOB gasoline futures (RBQ26) slid 2.57%. Middle East supplies have rebounded quickly, with Saudi exports at 6.3 million bpd (90% of prewar levels) and UAE June exports up 30% to more than 3.9 million bpd. OPEC+ confirmed a June output increase of 188,000 bpd, and progress in Iran talks alongside Russian exports rising to 4.13 million bpd have added to fears of a supply glut.
