NYMEX WTI crude August futures settle at $66.98 a barrel, down $1.47, 2.15%

NYMEX WTI crude August futures settle at $66.98 a barrel, down $1.47, 2.15%

NYMEX WTI crude August futures settled at $66.98 a barrel on July 2, 2025, down $1.47, or 2.15% from the previous day's close. The drop was driven by a combination of factors, including market sentiment and geopolitical developments.

The price decline comes amid mixed signals from major oil producers. OPEC's biennial seminar highlighted the growing importance of India as a driver for oil demand growth, which could boost prices in the long term. However, Alaska was recently ranked as America's worst state for business in 2025, potentially impacting domestic oil production and consumption [1].

BP PLC shares also experienced a 2% rise in afternoon trading after the energy group indicated that its second-quarter numbers and outlook were less bleak than many had feared. Despite warnings of lower earnings, the market took encouragement from stronger oil trading and a 40% jump in refining margins. Analysts noted that the market was more focused on positive developments in BP's oil trading business rather than its overall underperformance [2].

The WTI crude price is also influenced by key economic reports and factors such as US crude inventories, refinery operations, and GDP reports. Additionally, cheaper natural gas serves as an alternative energy source, potentially impacting oil demand. Geopolitical events, such as war, financial crises, and elections, can also significantly impact oil prices [3].

Overall, the NYMEX WTI crude August futures settled at $66.98 a barrel, reflecting a complex interplay of market sentiment, geopolitical factors, and economic indicators.

References:
[1] https://www.cnbc.com/quotes/@CL.1
[2] https://www.proactiveinvestors.co.uk/companies/news/1074589/bp-up-2-as-fear-over-prospects-recedes-to-acceptance-1074589.html
[3] https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.quotes.html