Crude oil and gasoline prices settled mixed on Wednesday. Crude remains under pressure due to concerns over a global supply glut forecasted by the IEA. Strength in stocks and a weaker dollar provided some support for crude prices.

Cooling tensions in the Middle East have reduced some risk premium in crude prices, as the likelihood of disruptions to crude supplies decreased following an agreement between Israel and Hamas.

An increase in crude oil stored on tankers that have been stationary for at least seven days is bearish for oil prices, with inventories rising by 8.9% in the week ended October 10.

OPEC+ agreed to a smaller-than-expected increase in crude production starting in November. OPEC’s September production rose to 29.05 million bpd, the highest in 2.5 years.

Reduced crude exports from Russia due to attacks on refineries are supportive of oil prices. Russian fuel shipments have decreased, limiting export capabilities.

Iraq’s expected increase in oil production is bearish for crude prices. Resuming oil exports from the Kurdish region could add 500,000 bpd to global supplies.

Concerns over the war in Ukraine potentially leading to sanctions on Russian energy exports support crude prices. The US proposed tariffs on China and India for their purchases of Russian oil.

EIA reported that crude inventories were expected to increase by 250,000 bbl, while gasoline supplies were anticipated to fall by 1.325 million bbl.

Last Wednesday’s EIA report showed US crude oil inventories below the seasonal 5-year average. Crude oil production rose to just below the record high.

Baker Hughes reported a decrease in active US oil rigs, slightly above a 4-year low. The number of rigs has fallen sharply over the past 2.5 years.

Read more at Yahoo Finance: Crude Prices Slip on the Outlook for Ample Global Supplies