The demand for gasoline and distillates is also weakening, as evidenced by a 2.3 million-barrel increase in gasoline inventories. Despite this rise, gasoline stocks are still about 1% below the five-year average for this time of year.
Traders are also closely monitoring upcoming reports from OPEC, the EIA, and the IEA. These reports, scheduled for release later this week, are expected to provide crucial insights into supply-demand dynamics and could significantly influence market sentiment in the days ahead.