Thursday, July 24, 2025

Oil Prices Rebound as Trump Plans to Refill U.S. Reserves

depositphotos

International oil prices rebounded on Tuesday, the first day of July, recovering in just one day after falling on Monday for the first time in four sessions.

Oil prices surged as U.S. President Donald Trump announced plans to replenish the Strategic Petroleum Reserve (SPR), fueling expectations of increased demand.

Positive U.S. economic indicators also bolstered projections for higher demand.

Brent crude, the international oil benchmark, saw its September delivery contract close at 67.11 USD per barrel, up 0.37 USD (0.55%) from the previous session.

The September contract became the new front-month benchmark for Brent crude on that day.

In the U.S., West Texas Intermediate (WTI) crude futures for August delivery rose 0.34 USD (0.52%) to settle at 65.45 USD per barrel.

Trump commented that current oil prices are low, suggesting it is a good opportunity to replenish the SPR.

Before the COVID-19 pandemic, the U.S. Strategic Petroleum Reserve held 630 million barrels of oil. It has since been reduced to just over 400 million barrels.

Hot this week

U.S. Hits Chinese Graphite With 93% Tariff—Your Next EV Just Got Pricier

The U.S. imposes a 93.5% tariff on Chinese graphite, risking a $1,000 increase in EV prices as tax credits end and production costs rise.

Crypto Boom: XRP Soars After Congress Passes Stablecoin Bill

The Stablecoin Act has passed Congress, boosting crypto markets, with XRP hitting a new all-time high and regulatory clarity for stablecoins.

Market Panic? Rich Investors Saw a Bargain, Morgan Stanley Says

Morgan Stanley's profits surged as wealthy clients bought stocks during a market downturn, driven by Trump's tariff announcement.

Oil Prices Keep Dropping as Trade Fears Grow

Oil prices fell for the third consecutive day due to rising U.S. gasoline inventories and trade tensions impacting global demand.

Tesla and BYD Battle for Japan’s Electric Car Crown: Who Will Win?

Tesla and BYD aggressively expand in Japan's EV market, aiming to challenge local automakers amidst low EV adoption rates.

Topics

U.S. Hits Chinese Graphite With 93% Tariff—Your Next EV Just Got Pricier

The U.S. imposes a 93.5% tariff on Chinese graphite, risking a $1,000 increase in EV prices as tax credits end and production costs rise.

Crypto Boom: XRP Soars After Congress Passes Stablecoin Bill

The Stablecoin Act has passed Congress, boosting crypto markets, with XRP hitting a new all-time high and regulatory clarity for stablecoins.

Market Panic? Rich Investors Saw a Bargain, Morgan Stanley Says

Morgan Stanley's profits surged as wealthy clients bought stocks during a market downturn, driven by Trump's tariff announcement.

Oil Prices Keep Dropping as Trade Fears Grow

Oil prices fell for the third consecutive day due to rising U.S. gasoline inventories and trade tensions impacting global demand.

Tesla and BYD Battle for Japan’s Electric Car Crown: Who Will Win?

Tesla and BYD aggressively expand in Japan's EV market, aiming to challenge local automakers amidst low EV adoption rates.

Nvidia Stock Surges Past $170 After U.S. Clears China Chip Exports

Nvidia's stock surged over 4% after the Trump administration lifted export restrictions on H20 semiconductors to China.

Army’s New Shaving Rule Could Push Out Thousands of Black Soldiers

The U.S. Army's new shaving policy may disproportionately impact Black soldiers with shaving difficulties, raising concerns over its fairness.

Trump Slams Fed Chair Again, Demands Rates Below 1%

Trump criticizes Fed Chair Powell, insists interest rates should drop below 1%, claiming the economy is strong and inflation is nonexistent.

Related Articles