Crude oil and gasoline prices are mixed, with crude falling to a 1-week low due to Iraq’s agreement to resume oil exports from the Kurdish region to Turkey, adding at least 230,000 bpd of oil supplies. India’s reduced crude demand and an increase in oil stored on tankers are bearish for prices.

Ukraine’s attacks on Russian refineries and oil infrastructure are bullish for crude prices, curbing Russian exports and tightening global supplies. President Trump threatens new sanctions on Russia over the war in Ukraine. OPEC+ agreed to a smaller production increase in October, gradually restoring 2.2 million bpd by 2026.

Last week’s EIA report showed US crude oil inventories below seasonal averages, with production slightly below record highs. Baker Hughes reported a slight increase in active US oil rigs, just above a 4-year low. Rich Asplund had no positions in mentioned securities.

Read more at Yahoo Finance: Crude Prices Slip on the Outlook for Larger Global Oil Supplies