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Barchart
Barchart
Rich Asplund

Crude Prices Decline as OPEC+ may Boost Production Again in July

Oil OPEC United States EIA Vortexa

July WTI crude oil (CLN25) today is down -0.71 (-1.15%) and July RBOB gasoline (RBN25) is down -0.0249 (-1.18%).

Crude oil and gasoline prices today are moving lower and posted 1-week lows.  Today's stronger dollar is bearish for energy prices.  Also, concerns about a global supply glut of crude oil are weighing on prices after Bloomberg reported that OPEC+ is considering another increase of +411,000 bpd in crude output when it meets on June 1.  In addition, crude has some negative carryover from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high.  

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