Crude oil and gasoline prices dropped for a second consecutive session on Tuesday due to concerns over President Trump’s tariff policies slowing global economic growth. The US Richmond Fed manufacturing index fell unexpectedly, and the ECB’s Bank Lending Survey indicated weak loan demand in the Eurozone.

Iraq plans to resume crude oil exports from its Kurdish region, potentially supplying 230,000 bpd to the market. The European Union approved sanctions against Russian oil, targeting banks, refineries, and ships. OPEC+ agreed to increase crude production by 548,000 bpd, with more increases expected to follow.

OPEC+ is considering pausing further production increases after September due to fears of a global oil demand slowdown. Vortexa reported a 14% decrease in crude oil stored on tankers. The weekly EIA report is expected to show a decrease in crude and gasoline inventories. US oil rigs dropped to a 3.75-year low.

Read more at Yahoo Finance: Crude Oil Price Fall on Concern About Energy Demand