US crude stocks rise, gas prices fall for weeks

Oil prices were steady after a recent drop. This comes amid rising tensions in the Middle East but some positive news, including an agreement from Putin not to attack Ukrainian energy facilities and plans from OPEC+ to increase oil output soon. Recent reports show a mixed picture for U.S. oil inventories. While crude stocks rose by 4.6 million barrels, the crucial Cushing Hub saw a decrease of 1.1 million barrels for the second week in a row. Gasoline and distillate inventories also experienced drawdowns. Overall, crude inventories are the highest they have been since July 2024. U.S. crude production remains high, close to record levels. As for gasoline prices, they have dropped for four consecutive weeks. The national average price for regular gasoline is now around $3.02 per gallon, while diesel is averaging $3.56. A majority of U.S. states are seeing gas prices below $3. The White House stated that President Trump is providing economic relief through actions aimed at boosting domestic energy production and reducing regulations.