Crude oil and gasoline prices closed higher on Wednesday due to escalating geopolitical risks in Europe. Poland shot down drones that crossed into its territory during Russia’s air strike on Ukraine. Despite a bearish EIA inventory report, crude prices rose. OPEC+ agreed to increase crude production by 137,000 bpd in October. Reduced Russian crude output is tightening global oil supplies. Concerns about sanctions on Russian energy exports and Saudi Arabia’s price cut for crude are affecting prices. Crude oil stored on tankers increased, and concerns about higher OPEC production are negative for prices. The EIA report showed unexpected increases in crude and product supplies. US crude oil production rose, while the number of active US oil rigs increased slightly.

Read more at Yahoo Finance: Geopolitical Risks Support Crude Prices