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Crude oil futures have remained largely constrained, trading close to USD 66.50 per barrel and repeatedly failing to break through the USD 67 threshold.
On the demand side, resilience in the United States and China has provided some support.
The recent draw of nearly 3.9 million barrels from U.S. crude inventories points to vigorous refinery activity.
However, this has been tempered by significant builds in gasoline and diesel stocks, casting doubt on the strength of fuel demand as the peak summer travel season progresses.
At the same time, OPEC+’s plans for continuing output increases in the coming months raise concerns over a potential oversupply, although a possible pause later this year could support the market. Looking ahead, traders could continue to monitor economic developments in the US and China.
In the US, trade policy could also affect sentiment, as the lack of trade deals could impact oil demand if economic growth slows down significantly.
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