Crude oil and gasoline prices drop as WTI crude falls to a 5.25-month low due to escalating US-China trade tensions. IEA predicts a global oil glut of 4.0 million bpd by 2026. OPEC+ agrees to a smaller-than-expected production boost, while reduced production in Russia and increased oil stored on tankers impact prices.

Iraq’s agreement to resume oil exports from Kurdistan could add 500,000 bpd to global supplies, pressuring crude prices. Concerns over sanctions on Russian energy exports due to the war in Ukraine support prices. US proposes tariffs on China and India for buying Russian oil to end the conflict.

EIA report shows US crude oil inventories below seasonal averages, with production near record highs. Baker Hughes reports a drop in active US oil rigs, slightly above a 4-year low. Trade tensions, global supply glut, and geopolitical factors continue to influence crude prices.

Read more at Yahoo Finance: Crude Prices Fall on Trade Tensions and the Outlook for a Global Supply Glut