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Rich Asplund

Crude Prices Decline as Weekly EIA Inventories Unexpectedly Increase

Oil EIA United States OPEC Vortexa

July WTI crude oil (CLN25) today is down -0.28 (-0.45%) and July RBOB gasoline (RBN25) is down -0.0145 (-0.68%).

Crude oil prices today fell from a 1-month high and turned lower after weekly EIA crude inventories unexpectedly rose to a 10-month high. Crude prices today initially spiked higher on escalating geopolitical risks in the Middle East after CNN reported that new US intelligence suggests Israel is preparing for a potential strike on Iranian nuclear facilities. Also, today's slide in the dollar index (DXY00) to a 2-week low is supporting energy prices.

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