Crude oil prices closed lower on Monday, with WTI crude down -0.31% and RBOB gasoline down -0.14%. Concerns about surplus persist as Vortexa reported a 12% increase in oil stored on tankers. OPEC+ is considering a third monthly production hike of 137,000 bpd for December, in line with market consensus.

Early support for crude prices came from a US-China trade agreement and Ukraine’s military strikes on Russian refineries. Last week’s increased US and EU sanctions on Russian energy also played a role. The IEA forecasts a record global oil surplus of 4.0 million bpd for 2026, adding to bearish sentiment.

Reduced crude exports from Russia due to Ukrainian attacks on refineries have limited Russia’s export capabilities. The EIA reported US crude inventories below the seasonal average, with production falling slightly. Baker Hughes reported a modest rise in active US oil rigs, slightly above a 4-year low.

Read more at Yahoo Finance: Crude Oil Sees Support from Preliminary US-China Trade Deal