(31 May 2025, 14:38)

Weekly Crude Oil Review: WTI futures sink towards three-week low amid US demand concerns

WTI Crude Oil futures mostly stayed weak and tested around three-week low as market sentiment remained shaky amid tariff uncertainty and soft US economic data. A 2.8 million barrel drop in US crude inventories lent some support for the prices. At 440.4 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories decreased by 2.4 million barrels from last week and are about 3% below the five-year average for this time of year. Prices still pulled down under $60 per barrel for a brief period as OPEC+ kept its oil output policy unchanged but agreed to create a framework for setting new production baselines for 2027. Overall US crude import trends are also turning weak. The US Energy Information Administration of EIA stated that crude oil imports averaged 6.4 million barrels per day last week, increased by 262 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6 million barrels per day, 10.3% less than the same four-week period last year.

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Weekly Crude Oil Review: WTI futures sink towards three-week low amid US demand concerns