Crude oil and gasoline prices are down after OPEC+ increased crude production levels, causing concerns of a global supply glut. President Trump’s threat to raise tariffs on India for buying Russian oil also impacted prices. OPEC+ is gradually restoring production, with inventories accumulating and a surplus predicted by Q4-2025.

President Trump’s tariff threats on countries buying Russian oil and JPMorgan Chase’s warning of potential supply shocks from triple-digit tariffs are supporting crude prices. The EU approved new sanctions on Russian oil, including restrictions on Russian petroleum refined in other countries and sanctions on Russian ships and banks.

A decline in crude oil stored on tankers is bullish for oil prices, with Vortexa reporting a 15% decrease in oil stored on stationary tankers. The EIA’s recent report showed US crude oil inventories below seasonal averages, while US oil rig counts have decreased to a 3.75-year low.

Read more at Yahoo Finance: Crude Prices Slip After OPEC+ Raises Crude Production Levels