Crude oil and gasoline prices fell on Thursday, with crude hitting a 5.25-month low and gasoline a 4.5-year low. EIA report showed a surprise increase in crude inventories and record US production. Prices dropped further on speculation of uninterrupted Russian oil supplies after Trump’s meeting plans with Putin.

Weaker dollar and UK sanctions lifted crude prices initially, but trade tensions with China and IEA’s global oil glut forecast weighed on prices. Cooling Middle East tensions decreased crude’s risk premium. Rising crude oil held on tankers and OPEC+ production increase also impacted prices.

Ukraine’s targeting of Russian refineries, reduced crude exports from Russia, and Iraq’s plan to boost oil production influenced prices. Concerns over sanctions on Russian energy exports and the ongoing war in Ukraine supported prices. EIA inventory report showed mixed results for crude and products.

US crude oil inventories were below seasonal average, while gasoline and distillate inventories varied. US crude oil production hit a record high. Active US oil rigs fell to 418, slightly above a 4-year low. Rich Asplund did not have any positions in the mentioned securities.

Read more at Yahoo Finance: Crude Prices Tumble on Reduced Supply Fears