Crude oil prices settled lower on Monday as global supplies continued to rebound. August WTI crude oil closed down 0.14 dollars, or 0.20 percent, while August RBOB gasoline rallied to a three-week high, up 0.0860 dollars, or 2.95 percent. Flows through the Strait of Hormuz increased, Saudi Arabia cut its Arab Light price to Asian customers by 11 dollars a barrel, and OPEC+ raised its crude oil production target by 188,000 barrels per day for August. The crude crack spread soared to a four-year high, supporting gasoline prices amid concerns over tight global supplies due to Ukrainian attacks on Russian refineries. Saudi Arabian crude exports have risen to 6.3 million barrels per day, the UAE ramped up shipments by 30 percent in June to more than 3.9 million barrels per day, and the four-week average of Russian crude exports rose to 4.13 million barrels per day through June 28, the highest since the 2022 invasion of Ukraine.
Crack spread at four-year high and tight global supplies due to Ukrainian attacks on Russian refineries support gasoline prices.
Global supplies rebounding with increased OPEC+ output, Saudi price cut, and higher exports from Saudi, UAE, and Russia.