Gasoline falls to a low for the first time in a month

Gasoline futures in the United States fell below 2.43 dollars per gallon in July, which was the first low in a month, following the decline in crude oil prices as concerns about raw material supply receded for gasoline refiners.

This decline is partly due to the fact that the United States is making efforts to negotiate a cease-fire with Israel and Hamas.

Additionally, the appreciation of the dollar has made crude oil prices expensive for foreign buyers, putting further pressure on prices.

Traders are keeping a close eye on API's oil inventory forecast to be announced later today, along with official US government data on Wednesday.

According to forecasts, crude oil inventories will decrease by 2.5 million barrels for the week ending July 19, and gasoline inventories will decrease by 0.5 million barrels.

According to the latest EIA report, it became clear that product supply for the week ending 7/12, which is an important indicator of consumer demand, declined drastically to 0.61 million5,000 barrels, and inventory increased by 3.33 million barrels, which is a significant increase since January.