08.10.202515:11:31UTC+00Oil Extends Gains after EIA Data

West Texas Intermediate (WTI) crude oil futures experienced a 1.5% increase, reaching $62.65 per barrel. This rise followed the release of Energy Information Administration (EIA) data indicating a significant reduction in inventories at the crucial Cushing, Oklahoma hub, where stockpiles fell by 763,000 barrels last week—the largest decline recorded since June. While nationwide crude inventories increased more than anticipated, they remain near seasonal lows. The report also highlighted a decrease in refined oil products, suggesting heightened demand. However, broader price increases are being tempered by the expectation of abundant global supply, as OPEC+ continues to escalate production and U.S. crude output is anticipated to hit record levels this year. Additionally, Russian exports hover near a 16-month high, despite Ukrainian drone strikes disrupting refining capacities and curtailing domestic processing. In corporate news, Exxon Mobil has entered preliminary agreements to explore Iraq's expansive Majnoon oil field, marking its return to the nation after nearly two years and indicating a renewed focus on investment in upstream ventures.