Crude oil and gasoline prices fell on Tuesday, with crude hitting a 5.25-month low due to US-China trade tensions. The IEA forecasted a record global oil glut of 4.0 million bpd for 2026. OPEC+ agreed to a 137,000 bpd production increase starting in November. Reduced Russian crude production supports oil prices.

Increasing crude oil stored on tankers and higher production in Iraq are bearish for oil prices. Concerns over the war in Ukraine potentially leading to sanctions on Russian energy exports are supporting crude prices. US crude inventories are below seasonal averages, while production remains near record highs.

Baker Hughes reported a decrease in active US oil rigs, but the number remains above a 4-year low. The article was published on Barchart.com.

Read more at Yahoo Finance: Crude Prices Pressured by US-China Trade Tensions and Robust Global Oil Supplies