Crude oil and gasoline prices are down for a second session, with gasoline hitting a 2-week low. Concerns over President Trump’s tariff policies impacting global economic growth and energy demand are contributing to the drop. A weaker dollar is helping limit losses in crude oil prices.

Negative global economic news is impacting energy demand and crude oil prices. The US July Richmond Fed manufacturing index fell to an 11-month low, while loan demand in the Eurozone remained weak. Iraq’s plan to boost crude exports from its Kurdish region is also weighing on prices.

Crude prices are receiving support from the EU’s approval of sanctions on Russian oil. Sanctions include restrictions on Russian petroleum refined in other countries and blacklisting a large oil refinery part-owned by Russia’s Rosneft PJSC. OPEC+ agreed to raise crude production, aiming to reverse production cuts.

OPEC+ is considering pausing further production increases after September amid concerns of a slowdown in global oil demand. The International Energy Agency warns of a surplus in global crude consumption by Q4 2025. A decrease in crude oil stored on tankers and US crude inventory draw also impact oil prices positively.

US crude inventories fell for the first time in three weeks, while gasoline and distillate inventories rose. US crude production slightly decreased, and the number of active US oil rigs hit a new 3.75-year low. OPEC+ may halt production increases to prevent a supply glut amid global oil demand concerns.

Read more at Yahoo Finance: Crude Oil Prices Fall on Concern Tariffs Will Slow Growth and Energy Demand