WTI Crude Oil Prices

WTI crude oil prices averaged USD 68.38 per barrel in July, down 0.2% from June. On 31 July, the commodity traded at USD 70.36 per barrel, up 6.1% from 30 June.

July was a sleepy month for traders, with WTI price volatility dropping to the lowest since September 2015. The tumult of the Israel-Iran war ended as a ceasefire was penned, while markets awaited the next installment of the Trump tariff saga ahead of the 1 August deadline. U.S. inventories beat expectations by 22.3 million barrels per day in the four weeks to 25 July, and output hit a record high in May. However, the U.S. rig count fell to a four-year low in July, threatening future production.