December WTI crude oil and RBOB gasoline prices are slightly up today. Positive news on US-China trade negotiations is boosting economic growth prospects and energy demand.

Crude oil prices have positive momentum from last week’s EIA report showing a decline in inventories. Eurozone Q3 GDP and Japan’s 2025 GDP forecast are both stronger than expected, signaling global economic strength.

Expectations of a decline in Russian crude supplies due to sanctions are supporting oil prices. Ukraine’s targeting of Russian refineries is exacerbating a fuel crunch and limiting Russia’s crude export capabilities.

Vortexa reported an increase in crude oil stored on tankers, while the IEA forecasted a record global oil surplus for 2026. OPEC+ is likely to approve a third monthly oil production hike at its upcoming meeting.

The latest EIA report showed US crude oil inventories below seasonal averages, while production reached a record high. The number of active US oil rigs has increased slightly but remains below pre-pandemic levels.

Read more at Yahoo Finance: Crude Prices Push Higher as Global Growth Prospects Improve