Oil prices rise as U.S. output forecast declines
- Alexangel Ventura
- Jul 8
- 1 min read
On Tuesday, market sentiments pushed oil prices higher to a two-week high as U.S. oil production declines, and demand increased.
As of 3:10 PM EST, WTI crude is up 0.69% to $68.40 per barrel, Murban crude is up 0.66% to $71.58 per barrel, and Brent crude is up 0.89% to $70.20 per barrel. Natural gas fell marginally.
These prices shifted upward today, setting a near two-week high price all across the board.
These rising prices could be attributed to a new economic outlook showing that there was little to no changed in the state of the economy and financial stability, per the survey on American households. This means that inflation has leveled out for most consumers, for now, as tariffs have yet to make a very significant impact on most goods (albeit they have impacted the prices of many individual products).
According to the most recent U.S. Energy Information Administration outlook, the United States is projected to produce less oil because of declining oil prices.
The projected lower supply of oil in the market contributed to the rising prices as investors anticipate even higher prices over the coming months.
These prices reflect a general shift of prices upward since the beginning of the mini-Israel-Iran proxy war in early June.
