Skip to main content

MoneyWorks4Me

Crude oil futures settle lower amid oversupply concerns

14 Aug 2025 Evaluate

Crude oil futures ended lower on Wednesday amid International Energy Agency (IEA) projected oversupply in the market this year due to surging supply from OPEC+ and non-OPEC+ oil producers. Besides, the report released by the Energy Information Administration showed that US crude oil inventories rose by 3.037 million barrels in the week ending August 8. Gasoline inventories fell by 0.792 million barrels, while distillate fuel inventories increased by 7,14,000 barrels. Net US crude imports rose by 6,99,000 barrels per day.

Benchmark crude oil futures for September declined $0.52 or 0.82% at $62.65 a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased $0.49 or 0.74% to settle at $65.63 a barrel on London's Intercontinental Exchange.