Oil prices rise slightly at settlement

News
Wednesday, July 09, 2025 - 20:30
Point Trader Group

Oil prices rose slightly during trading on Wednesday, July 9, at the settlement, due to increased gasoline demand in the United States, attacks on ships in the Red Sea, and lower forecasts for US oil production.

Brent crude futures rose four cents, or 0.06%, to $70.19 a barrel at settlement.

WTI crude futures also rose five cents, or 0.07%, to settle at $68.38 a barrel.

Gasoline Demand Rises

Despite the US Energy Information Administration's announcement on Wednesday of an increase in US crude oil inventories, gasoline and distillate inventories declined last week.

The US Energy Information Administration's data revealed that US crude inventories rose by 7.1 million barrels to 426 million barrels during the week ending July 4, compared to analysts' expectations in a Reuters poll for a decrease of 2.1 million barrels.

US gasoline demand also increased by 6% to 9.2 million barrels per day last week, according to data from the US Energy Information Administration.

"The rise in crude oil prices is based on the EIA report, which shows good gasoline demand and limited future supplies, and therefore oil prices are gradually rising."

Red Sea Attacks

Separately, attacks in the Red Sea resumed last week after months of calm. Rescuers recovered six sailors alive from the Red Sea on Wednesday, and 15 others remain missing from the second of two ships that sank in recent days in attacks claimed by the Yemeni Houthi group.

Oil prices also received support from the US Energy Information Administration's lowering of its forecast for US oil production this year on Tuesday compared to previous forecasts.


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