The US Energy Information Administration (EIA) has projected a notable decrease in crude oil prices, anticipating that global oil supply will significantly outpace the demand for petroleum products. The EIA forecasts in its August Short-Term Energy Outlook (STEO) that the Brent crude oil spot price will average less than $60 per barrel (bbl) in the fourth quarter of 2025 (Q4 2025).

September WTI crude oil (CLU25 ) on Tuesday closed down -0.79 (-1.24%), and September RBOB gasoline (RBU25 ) closed down -0.0022 (-0.11%). Crude oil prices on Tuesday fell on the possibility of progress at the Trump-Putin summit in Alaska on Friday regarding the Russia-Ukraine war,

Crude oil inventories in the United States increased by 3.0 million barrels during the week ending August 8, after dropping by 3 million barrels in the week prior, according to new data from the U.S.