October WTI crude oil closed up 1.79%, while October RBOB gasoline closed down 0.11% on Monday. Crude prices hit a 2.5-week high, supported by doubts on Russian-Ukrainian war negotiations and expectations of a Fed rate cut. Gasoline prices fell as supply concerns eased after the BP refinery in Indiana restarted.

Crude prices are also supported by concerns of a prolonged Russian-Ukrainian war, potentially keeping restrictions on Russian crude exports. OPEC+ endorsed a production increase for September, aiming to gradually restore 2.2 million bpd of production by September 2026. OPEC July crude production fell to 28.31 million bpd.

An increase in crude oil held on tankers worldwide is bearish for oil prices, with stockpiles rising by 11% to 96.77 million bbl. US crude oil inventories are below the seasonal 5-year average, with production modestly below record highs. Active US oil rigs fell by one to 411, nearing a 3.75-year low.

Read more at Yahoo Finance: Crude Prices Settle Sharply Higher on Geopolitical Risks and Possible Fed Rate Cut