Crude oil and gasoline prices fell today, with crude at a 4-month low and gasoline at a 10.5-month low. OPEC+ plans to increase crude production levels, leading to concerns about a global supply glut. Weekly EIA inventories rose more than expected, contributing to price declines. The dollar index drop limited energy price losses.

OPEC+ is set to discuss increasing crude production in three 500,000 bpd monthly installments starting in November to reverse a 1.66 million bpd supply cut. OPEC’s August crude production hit 28.55 million bpd, the highest in over two years. IEA projects a global oil market surplus of 3.33 million bpd next year.

Iraq’s agreement to resume oil exports from Kurdistan could add 500,000 bpd to global markets. India’s reduced crude imports and an increase in oil stored on tankers are also affecting oil prices. Concerns about sanctions on Russian energy exports due to the Ukraine war are providing support for crude prices.

Ukraine’s attacks on Russian refineries are curbing Russian crude exports, tightening global oil supplies. EIA reports showed unexpected increases in crude, gasoline, and distillate stockpiles. US crude production remains below record highs, and the number of active US oil rigs has risen slightly in recent weeks.

Read more at Yahoo Finance: Abundant Crude Supplies Weigh on Prices