Crude oil and gasoline prices dropped as November WTI crude oil closed down -1.66% and RBOB gasoline closed down -1.41%. A stronger dollar and easing Middle East tensions led to the decline, while a ceasefire between Israel and Hamas further reduced the risk of supply disruptions.

Saudi Arabia’s decision to keep oil prices unchanged for Asian customers was bearish for crude. However, OPEC+ agreeing to a smaller-than-expected production increase supported prices. OPEC’s September production rose to 29.05 million bpd, the highest in 2.5 years.

Russian refinery halts following Ukrainian attacks decreased crude production, while a reduction in oil stored on tankers boosted prices. Iraq’s plan to resume oil exports could add 500,000 bpd to global markets, potentially impacting prices in the future.

Global oil supplies may increase with Iraq’s agreement to resume Kurdish oil exports. Concerns over additional sanctions on Russian energy exports due to the war in Ukraine could affect global oil supply. The US proposed tariffs on China and India for buying Russian oil to pressure Russia.

US crude inventories were below the seasonal average, and production rose slightly. Baker Hughes reported a slight decrease in active US oil rigs, still above a recent low. The outlook remains uncertain amid ongoing geopolitical tensions and production changes.

Read more at Yahoo Finance.: Crude Prices Fall as the Dollar Rallies and Middle East Tensions Ease