Crude oil and gasoline prices are up today, with gasoline hitting a 1-week high. Weaker dollar and concerns over Russian oil exports boost prices. S&P 500 reaching record high signals confidence in economic outlook, supporting energy demand. Weaker US and Chinese economic news signals weakness in energy demand.

Ukraine’s increased attacks on Russian refineries and oil infrastructure curbs Russian crude exports, tightening global oil supplies. Ukrainian drone attacks have damaged Russian oil infrastructure, reducing crude-processing runs. Weaker-than-expected global economic news is bearish for energy demand and crude prices.

Decrease in crude oil held on tankers is bullish for oil prices, with a 7.2% decrease week over week. Concerns over sanctions on Russian energy exports due to Ukraine war support crude prices. Geopolitical tensions in Europe and Middle East escalate, boosting crude prices.

OPEC+ agrees to raise crude production by 137,000 bpd in October, less than previous increases. Concerns about global oil glut arise after IEA boosts 2026 global crude surplus estimate. OPEC production increase and potential oversupply are negative for crude prices.

US crude oil inventories are below seasonal averages, but production is rising. Active US oil rigs increase slightly, but still near 4-year low. Concerns about oversupply and production increases weigh on crude prices.

Read more at Yahoo Finance: Reduced Russian Crude Supplies Boost Oil Prices