Crude oil futures prices closed at $83

Crude oil futures prices closed at $83.45 per barrel today, up 1.8% as stronger-than-expected U.S. inventory draws signaled tightening supply. Traders are recalibrating their position for Q3 with geopolitical risks in the Middle East adding upside pressure. Part of the problem is an approaching supply glut, keeping prices depressed. Gasoline demand in the US is expected to rise only slightly in 2026 . Meanwhile, more electricity consumption is expected to see its largest share of demand met by solar power . Oil consumption has also fallen throughout much of the rest of the world , including Europe, Central Asia, Latin America, and China. This statistic was assembled from multiple sources. Data for Brent was taken from Börse Frankfurt , WTI prices were taken from BNN Bloomberg , and information on the OPEC basket was published by OPEC . All prices are for front-month future contracts. Whenever a public holiday fell on a Monday, Tuesday prices were considered for all benchmarks for consistency. Crude oil futures prices finished the session at $83.78, supported by stronger refinery margins in the U.S. Gulf Coast. Investors are closely watching EIA reports for confirmation of trends.