Oil prices are lower today as investors looked past Bidens presidential exit and focused on weaker demand and increased stockpiles. For now Kamala Harris looks to be the likely nominee. Energy policy will likely be a core debating point between Harris and Trump, but Citi analysts believe neither will promote policies that have an extreme effect on oil and gas operations as core positions. While the oil market is visibly tight, it is expected to reach a balance by the fourth quarter and a surplus by next year, dragging Brent prices down to the mid-to-high $70s range in 2025, according to analysts at Morgan Stanley. The U.S. Federal Reserve will hold a policy meeting on July 30-31, with investors expecting it to keep rates steady, though there have been signs of a possible cut in September. “If we get an indication of a [near-term] rate cut, the Fed could be positive for risk sensitive assets like oil,” Staunovo said. WTI traded down $.35 to close at $79.78. Brent traded down $.23 or .3% to close at $82.40. Both contracts were at one month lows.