Weekly Crude Oil Review: WTI futures slippery as $90 per barrel mark gives up

Crude oil prices tumbled to their lowest level in nearly two months as optimism over a potential US-Iran peace agreement eased fears of supply disruptions in the Middle East. Meanwhile, OPEC reported a 177,000 barrel-per-day decline in May output, led by a sharp drop in Iranian production. However, higher output from Saudi Arabia, the UAE, and Iraq helped offset the decline, further weighing on oil prices. Energy Information Administration or EIA stated in a latest weekly update that the US crude oil refinery inputs averaged 17.0 million barrels per day during the week ending June 5, 2026, which was 80 thousand barrels per day more than the previous week?s average. Refineries operated at 95.3% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased, averaging 5.2 million barrels per day. US crude oil imports averaged 5.9 million barrels per day last week, decreasing by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.9 million barrels per day, 5.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 714 thousand barrels per day, and distillate fuel imports averaged 130 thousand barrels per day. EIA noted that US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 426.5 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

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