US Crude Stocks Jump 7.1 Million Barrels

Oil prices fell after the U.S. Energy Information Administration reported a 7.1 million barrel jump in crude inventories for the week ending July 4, defying expectations of a draw and signaling weaker demand. Brent traded between $69.82 and $69.95 per barrel, while WTI hovered near $67.90–$68.09. The inventory build occurred despite strong July 4 holiday travel and was accompanied by falling gasoline and distillate stocks. Renewed Houthi attacks on Red Sea shipping raised supply disruption fears, lending some support to prices. Fears of new U.S. tariffs on major trade partners and an EIA forecast of lower U.S. oil production in 2025 due to slower drilling and lower prices have added to market uncertainty. Ongoing trade tensions and geopolitical risks continue to weigh on the global oil market outlook.