Crude oil prices closed higher on Monday, with speculation rife that the Russian-Ukrainian war may not end soon, potentially leading to secondary sanctions on Russian crude exports. Dollar strength limited gains. Prices are awaiting news from the meeting between Presidents Trump and Zelenskiy. Concerns about increased OPEC production are also affecting prices, with OPEC+ endorsing a production increase for September.

A decline in crude oil stored on tankers globally is driving bullish sentiment for oil prices. Vortexa reported a 12% week-on-week drop in stored oil on tankers that had been stationary for at least seven days. US crude oil inventories rose to a two-month high in the week ending August 8, with gasoline inventories slightly above the seasonal average and distillate inventories below the average. US crude oil production also rose modestly.

Baker Hughes reported that the number of active US oil rigs remained unchanged at 411 in the week ending August 15, just above a 3.75-year low. The number of US oil rigs has fallen significantly over the past 2.5 years from a high of 627 in December 2022. Rich Asplund had no positions in mentioned securities.

Read more at Yahoo Finance: Crude Prices Gain on Doubts About an Early End to Russian-Ukrainian War