Quick overview

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Oil prices fell in early trading on Thursday, following an increase in U.S. gasoline and diesel inventories along with Saudi Arabia’s reduction of its July rates for Asian crude importers. Brent crude futures dropped 21 cents, or 0.3%, to $64.65 a barrel, while U.S. West Texas Intermediate crude fell 29 cents, or 0.5%, to $62.58.

 

Crude oil closed Wednesday approximately 1% lower after official statistics revealed that U.S. gasoline and distillate stockpiles increased more than anticipated, indicating weaker demand in the world’s largest economy, o

Saudi Arabia, the largest oil supplier, further weakened the market by lowering its July rates for Asian buyers to nearly their lowest level in four years.

Saudi Arabia, a major oil producer within OPEC+—the oil-producing organization that includes members of the Organization of the Petroleum Exporting Countries and allies like Russia—cut its price following OPEC+’s decision over the weekend to boost output by 411,000 barrels per day for July.

Saudi Arabia and Russia, the leaders of the OPEC+ group, are implementing this strategy in part to penalize over-producers and regain market dominance.

Canada prepared potential retaliation, and the European Union reported progress in trade discussions as additional U.S. metals tariffs caused further economic damage and heightened the urgency of talks with Washington.