Benchmark Crude Oil Futures Slip, Move Off Session Lows
7/16 3:12 PM
Benchmark Crude Oil Futures Slip, Move Off Session Lows Miguel E. Andujar DTN Refined Fuels Market Reporter DAVENPORT, FL (DTN) --- Benchmark crude oil futures settled slightly lower Wednesday, moving off session lows in rangebound trade while renewed concerns over the global economic impact of trade tensions offset mixed domestic crude and refined products supply data. Energy Information Administration data released this morning show crude oil supply, not including the Strategic Petroleum Reserve, fell by 3.9 million barrels to 422.2 million barrels for the week ending July 11. That's 4.1% lower than at the same time last year. U.S. gasoline supplies rose by 3.4 million barrels to 232.9 million barrels in the week profiled, according to EIA data, and distillate fuel oil inventories increased by 4.2 million barrels to 107.0 million barrels. Trade talks stayed in focus, with reports indicating that the European Commission is preparing retaliatory tariffs if negotiations with the U.S. don't lead to a deal. NYMEX WTI futures for August delivery settled down 14 cents at $66.38 bbl, after trading as low as $65.42 bbl. The ICE Brent contract for September delivery fell 19 cents to $68.52 per barrel settlement, with the contract trading as low as $67.71 bbl in today's session. Meanwhile, August ULSD futures dropped $0.0137 to $2.3915 a gallon settlement, off a session low of $2.3554 gallon amid tight global supply. August RBOB gasoline futures shed $0.0256 to settled at $2.144 a gallon. The U.S. dollar index eased 0.200 points to 98.11. (c) Copyright 2025 DTN, LLC. All rights reserved.