Brent crude settled at $66.95, down 65 cents (−1.0%), while U.S. West Texas Intermediate (WTI) closed at $63.48, down 49 cents (−0.8%). It was Brent’s lowest close since August 20.
The EIA reported a 2.4 million-barrel increase in U.S. crude inventories for the week ending August 29, compared with expectations for a 2.0 million-barrel draw. Analysts said the build reflected refineries heading into maintenance season. Gasoline and distillate data were mixed, but the crude stock surprise weighed on sentiment. “This is a little bit of a bearish report,” said John Kilduff of Again Capital.
Attention is also fixed on Sunday’s OPEC+ meeting, where the core group of eight members may consider additional increases to October quotas, potentially signaling that regaining market share is being prioritized over price support. OPEC+ has already agreed to phase in 2.2 million bpd of increases between April and September, plus 300,000 bpd for the UAE.
Macro headwinds also pressured crude. U.S. jobless claims rose more than expected, reinforcing expectations the Federal Reserve will cut rates at its September 16–17 meeting. Fed independence came under scrutiny Thursday as Trump’s economic advisor Stephen Miran faced questioning over his nomination to the central bank’s board.
Globally, Germany’s leading institutes trimmed growth forecasts for 2025–26, citing U.S. tariffs and weak momentum in Europe’s export-heavy economy. Meanwhile, President Trump told European leaders they must stop purchasing Russian oil, even as Rosneft secured a new deal to supply 2.5 million tons per year to China via Kazakhstan.
Elsewhere, Venezuela’s exports hit a nine-month high of 900,000 bpd in August after Chevron’s U.S. license allowed some barrels back into American markets.