Asian refiners are set to nearly double their purchases of U.S. crude oil in September compared to the previous month, according to a Business report. This surge in Asian demand comes as American consumers are already facing record gasoline prices, with the national average for regular gasoline reaching approximately $4.10 per gallon in August, the highest level for that month on record. Crude oil prices have been trading in the mid-$80s per barrel, suggesting a tightening supply for U.S. refiners. Market participants will be closely monitoring announcements from OPEC and the International Energy Agency, as well as geopolitical developments that could influence oil supply and demand. The market currently prices a 12.5% probability of crude oil reaching an all-time high by December 31.
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