Crude oil and gasoline prices dropped on Monday as OPEC+ is considering increasing crude production levels by +137,000 bpd starting November 1, leading to a boost in global oil supplies. The resumption of oil exports from the Kurdish region in Iraq could add 500,000 bpd of fresh oil supplies. Reduced crude demand from India and an increase in crude oil held on tankers also contributed to the bearish outlook on oil prices. Concerns over the war in Ukraine potentially leading to sanctions on Russian energy exports supported crude prices. OPEC+ agreed to gradually restore 2.2 million bpd of production by September 2026. US crude oil inventories are below seasonal averages, and the number of active US oil rigs is on the rise.

Read more at Yahoo Finance: Crude Prices Sharply Lower on Prospects of Larger Global Oil Supplies