Crude oil prices: Here's why they are holding steady
Oil prices are holding steady this week, with WTI crude at $63.14 and Brent at $66.15 per barrel.
The big reason? US summer demand seems to be peaking, and the usual rush for fuel is starting to slow down as we head toward Labor Day.
API and EIA reports show mixed signals
US crude stockpiles actually went up by 1.5 million barrels last week according to the API report—surprising analysts who expected a drop.
However, the official EIA data showed a decrease of 3 million barrels.
Gasoline supplies dipped a bit, while distillate stocks nudged higher.
Refineries are still running near full speed, but things are easing as the busy travel season winds down.
Global oil production expected to rise in 2025
Energy agencies expect global oil production to rise in 2025, but US output could slip in 2026 if prices drop further.
Plus, a meeting between President Trump and President Putin this Friday could shake things up for global supply because of ongoing Russia-Ukraine tensions.
Basically: what happens next could affect everything from gas prices to how much you pay at the pump.