Crude oil and gasoline prices closed lower on Monday, with gasoline hitting a 2-week low. The potential increase in Iraqi crude exports, including from the Kurdish region, is impacting prices. The EU’s sanctions on Russian crude exports support prices, but OPEC+ plans to boost production may lead to a global oil glut.

OPEC+ is set to increase crude production by 548,000 bpd starting August 1, with further increases likely. Saudi Arabia’s strategy to penalize overproducing members could lead to more output hikes. Meanwhile, OPEC+ is considering a pause in production increases after September due to concerns about a slowdown in global demand.

Crude oil stored on tankers decreased by -14% to 66.31 million bbl, a bullish sign for prices. US crude inventories fell by -3.859 million bbl, the first draw in three weeks. Gasoline and distillate inventories rose, but US crude production dipped slightly. The number of active US oil rigs hit a 3.75-year low of 422 rigs.

Read more at Yahoo Finance: Crude Oil Prices Slip on Concerns of a Mounting Global Oil Supply Glut