Crude oil and gasoline prices closed lower on Thursday, with crude above a 2-month low. Dollar strength and potential easing of Russia-Ukraine tensions pressured prices. President Trump set to meet with Putin to discuss ending the war, potentially easing geopolitical risks and adding to global oil supplies.

Trump’s threat of new tariffs on countries buying Russian energy if no ceasefire with Ukraine by Friday, and doubled tariffs on Indian exports raise concerns. JPMorgan Chase warns of potential supply shock if enforced, due to significant Russian exports and limited OPEC spare capacity.

OPEC+ endorsed a 547,000 bpd increase in crude production for September 1 to reverse 2-year production cuts. Group may maintain, restart, or reverse production levels based on demand. IEA warns of global oil supply glut by Q4-2025, with OPEC July production at 28.31 million bpd.

EU approves fresh sanctions on Russian oil, targeting banks, petroleum, and shadow fleet ships. Indian oil refinery part-owned by Rosneft PJSC also blacklisted. Vortexa reports a 15% drop in crude oil stored on tankers, bullish for prices.

EIA report shows US crude inventories below seasonal average, with gasoline and distillate inventories also down. US crude oil production slightly lower at 13.284 million bpd. Baker Hughes reports a decrease in active US oil rigs to a 3.75-year low of 410 rigs.

Read more at Yahoo Finance: Possible End to the Russian-Ukraine War Weighs on Crude Prices