December 13, 2025
Crude oil ends higher, Brent  at highest since April, with U.S. supply data ahead

Crude oil ends higher, Brent at highest since April, with U.S. supply data ahead

Crude oil ends higher, Brent at highest since April, with U.S. supply data ahead – MarketWatch

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Futures Movers

Last Updated: July 11, 2023 at 3:41 p.m. ET First Published: July 11, 2023 at 8:28 a.m. ET

Analysts expect the EIA on Wednesday to report a weekly fall in U.S. crude supply

Crude oil prices are on the rise.

Getty Images

[]Crude oil futures settled slightly higher on Tuesday, with Brent finishing at its highest level since late April, as investors awaited U.S. supply data and an update on U.S. inflation in June due Wednesday.

Price action

  • West Texas Intermediate crude for August delivery CL00, +0.99% CLQ24, +0.39% settled $1.84 per barrel, or 2.52%, higher at $74.83 a barrel on the New York Mercantile Exchange.
  • September Brent crude  BRN00, +0.67% BRNU23, +0.67% settled higher by $1.71 per barrel, or 2.20% to $79.40 today, its highest end-of-day level since April 28, according to Dow Jones Market Data.
  • August gasoline RBQ23, +1.40% gained 2.7% to $2.6227 a gallon, while August heating oil HOQ23, +0.67% rose 1.2% to $2.582 per gallon.
  • August natural gas RBQ23, +1.40%  rose 2.32% to $2.7310 per million British thermal units.

Market drivers

[]Global benchmark Brent oil settled at its highest level since late April following several supply cut announcements by OPEC+ members, including Saudi Arabia in recent weeks. Some analysts believe the recent rise could be a sign that prices are heading even higher, with Brent perhaps moving past $80 a barrel for the first time since April.

[]Global crude oil inventories are set to decline over the next 15 months, but worries about the global economy and prospects for weaker energy demand are likely to limit any price gains for oil, according to the U.S. Energy Information Administration’s monthly Short Term Energy Outlook released on Tuesday.

[]“Crude prices are getting a boost as expectations grow for the oil market to remain tight despite all lingering growth concerns. ​ The IEA expects strong demand from China and developing nations. The short-term crude demand outlook shouldn’t be that bad as everyone is taking a vacation that requires some travel this summer,” Edward Moya, Senior Market Analyst, at Oanda wrote in a note Tuesday afternoon.

[]Investors are also looking ahead to U.S. weekly inventory data from the American Petroleum Institute later Tuesday and the U.S. Energy Information Administration due Wednesday.

[]On average for the week ended July 7, analysts expect the EIA report to show supply declines of 1 million barrels for crude and 1.1 million barrels for gasoline, while distillate stockpiles are expected to have edged up by 150,000 barrels, according to a survey conducted by S&P Global Commodity Insights.

[]The U.S. June consumer-price index reading due out Wednesday may offer clues on the outcome of the next Federal Reserve policy meeting on July 25-26 — and the prospects for the U.S. economy.

[]“While the Fed has indicated that the fight against inflation is still not over, they have recognized the signs of inflation cooling, giving investors’ confidence that few rate hikes could be left,” StoneX’s Kansas City energy team, led by Alex Hodes, wrote in Tuesday’s newsletter.

[]Economists polled by the Wall Street Journal expect headline inflation to slow to 3.1% year over year and core inflation, which strips out volatile food and energy prices, to slow to 5% year over year.

Barron’s: Chipotle Is Making Guacamole With Robots. Restaurant Automation Is on a Roll.

[]The robot, Autocado, could cut guacamole prep time by half, the company said.

[]Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.

[]Joseph Adinolfi is a markets reporter at MarketWatch.

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