Crude oil and gasoline prices fell to 4-week lows on Friday due to a rally in the dollar index and news of a potential peace plan between the US, Russia, and Ukraine. OPEC revised its Q3 global oil market estimates to a surplus, while US crude production exceeded expectations.

Oil prices are supported by reduced crude exports from Russia, with Ukraine targeting Russian refineries, limiting exports. Geopolitical risks like Iran seizing an oil tanker and US military buildup in Venezuela add to the support. OPEC+ plans to raise production in December but pause in Q1-2026 due to an emerging global oil surplus.

Crude oil stored on stationary tankers rose to the highest level since June 2024, while US crude oil inventories were below the seasonal 5-year average. The number of active US oil rigs rose slightly above a 4-year low, indicating a decline from the 5.5-year high reported in December 2022.

Read more at Yahoo Finance: Crude Prices Fall on Hopes of a Russian-Ukraine Peace Deal