West Texas Intermediate crude settled at $86.80 per barrel on Saturday, August 1, 2026, down $0.94 or 1.07% from the open. The session opened at $87.74, touched a high of $88.25, and found a low at $86.31 before closing near the bottom of the day’s range. The spread between high and low measured $1.94, indicating a volatile session with aggressive selling through the afternoon.
Bids dried up after the early morning rally failed to hold above $88.00. Offers stacked at $88.25, and traders reported heavy liquidity hitting the tape as algos and momentum shorts piled in. The break below $87.50 triggered stops, accelerating the slide toward the first support level at $86.31. That level held by a hair, with the low printing exactly $86.31 before a small bounce into the close.
The session tells a clear story: sellers are in control. The open was strong, but the lack of follow-through buying above $88.00 signals fatigue. The market is consolidating below the resistance zone, and the next move depends on whether $86.31 holds as support or breaks.
Key Levels
- Current Price: $86.80
- Open: $87.74
- High: $88.25
- Low: $86.31
- Range: $1.94
- Change: -$0.94 (-1.07%)
Support and Resistance
- Support 1: $86.31 – session low, tested twice. A break here opens the door to $85.85.
- Support 2: $85.85 – the next major bid zone. If $86.31 gives, expect stops to accelerate the drop.
- Resistance 1: $88.25 – session high. Sellers defended this line aggressively. A close above it would signal a reversal.
- Resistance 2: $88.99 – the 200-day moving average. No bids touched it today. That level is the line in the sand for the bulls.
Fundamentals
OPEC+: The cartel’s latest quota compliance report shows member countries overproducing by roughly 120,000 barrels per day. Iraq and Kazakhstan are the main offenders. The market is pricing in a higher probability that the group will not extend voluntary cuts beyond September. The next meeting is scheduled for August 5, and chatter from delegates suggests a split: Saudi Arabia wants to hold the line, while Russia and smaller producers are pushing for a modest increase to capture market share.
Inventories: The latest EIA report showed a surprise build of 2.1 million barrels in U.S. commercial crude stocks, against a consensus draw of 1.8 million. Cushing, Oklahoma, storage levels rose by 500,000 barrels, adding to the bearish tone. Gasoline inventories also built by 1.4 million barrels, while distillates fell by 600,000 barrels. The build in crude is the first in three weeks and points to weaker refinery demand. Refinery runs dropped to 92.3% of capacity from 93.1% last week. That is a red flag for summer demand expectations.
Demand: Diesel cracks are narrowing. The 3-2-1 crack spread fell to $21.50 from $23.10 last week. Margins are compressing,
