WTI news for August 1, 2026

China's crude imports fell in Q2, signaling softer demand from a major consumer, while refining limits could keep energy prices high. Meanwhile, OPEC+ may continue raising output quotas, but the market expects this to do little to lower prices, with geopolitical and supply chain factors also in play. These mixed signals leave WTI crude reacting to both demand weakness and persistent supply constraints.

Updated 17:23 UTC

How the day unfolded

1. 03:02 UTC

   China's crude oil imports declined in the second quarter, signaling softer demand from the world's top importer. Meanwhile, industry warnings about refining capacity limits and a historic supply crunch have kept energy prices elevated, as reflected in high petrol prices. These mixed signals—weak demand data versus constrained supply—are influencing WTI price action.

2. 09:02 UTC

   WTI crude prices are being influenced by a mix of supply-side constraints and demand signals. Headlines highlight that refining limits could keep energy prices high, while China's crude imports fell in the second quarter, suggesting softer demand from a major buyer. Additionally, geopolitical tensions, as reflected in UK petrol prices hitting an Iran war high, underscore ongoing supply concerns that are supporting the instrument.

Headlines (11)

• From well to pump: how fuel prices are formed
  www.ecb.europa.eu · Jul 31, 10:04 UTC
• Big Oil Is Reaping Rewards From the Chaos in Energy Markets
  www.wsj.com · Jul 31, 10:37 UTC
• UK petrol price hits Iran war high, adding to pressure on households
  www.theguardian.com · Jul 31, 12:34 UTC
• China's crude oil imports fell in the second quarter
  www.eia.gov · Jul 31, 13:03 UTC
• U.A.E. Changes How It Prices Its Crude Oil Grades
  www.wsj.com · Jul 31, 14:05 UTC
• Abu Dhabi abandons bid to build global oil benchmark
  www.ft.com · Jul 31, 16:18 UTC
• Here’s how Big Oil cashed in on the historic supply crunch
  www.marketwatch.com · Jul 31, 18:28 UTC
• Oil industry warns refining limits could keep energy prices high
  www.politico.com · Jul 31, 19:02 UTC
• Petrol prices on track to top $2 a litre as Bowen sounds death knell for fuel excise relief
  www.theguardian.com · 02:35 UTC
• OPEC+ may keep lifting its oil output quotas as the Iran war broadens. Why that won’t help lower prices.
  www.marketwatch.com · 11:01 UTC
• Turkiye and Iraq sign one-year oil pipeline deal amid global shift
  www.aljazeera.com · 17:07 UTC

Scheduled events

As of 22:49 UTC

• 2026-08-03 — RatingDog Manufacturing PMI · forecast 51.9 · CNY
• 2026-08-03 — Bank Holiday · CAD
• 2026-08-04 — Trade Balance · forecast 3.0B · CAD
• 2026-08-04 — Manufacturing PMI · forecast 50.2 · CAD
• 2026-08-05 — RatingDog Services PMI · forecast 53.7 · CNY
• 2026-08-05 — Crude Oil Inventories · USD
• 2026-08-07 — Employment Change · forecast 15.0K · CAD
• 2026-08-07 — Unemployment Rate · forecast 6.5% · CAD