June WTI crude oil (CLM26) today is down -0.19 (-0.19%), and June RBOB gasoline (RBM26) is down -0.0534 (-1.48%). Crude oil and gasoline prices are under pressure today from a rally in the dollar index ($DXY) to a 2-week high. Also, signs that OPEC+ may boost its crude production quotas are weighing on oil prices. Losses in crude are limited as peace talks between the US and Iran remain in limbo, keeping global oil supplies tight as the Strait of Hormuz remains closed.
OPEC+ delegates said today that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September. The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. However, any production hikes now seem unlikely, given that Middle East producers are being forced to cut output due to the war in the region.
