Oil prices rose slightly today, with WTI crude up +0.14% and RBOB gasoline up +0.61%. Dollar weakness and doubts about a Russian-Ukrainian peace deal drove prices. Weekly EIA report showed higher-than-expected increases in crude oil and products inventories.

Geopolitical tensions and reduced crude exports from Russia supported oil prices. Ukraine targeted Russian refineries, limiting Russia’s crude export capabilities. New US and EU sanctions on Russian oil companies further curbed Russian oil exports. Ongoing US military buildup for a possible attack on Venezuela also adds to geopolitical risks.

Crude oil stored on stationary tankers rose by +9.7% to 114.31 million bbls, the highest in 2.25 years. OPEC revised Q3 global oil market estimates from a deficit to a surplus. EIA raised its 2025 US crude production estimate. OPEC+ announced production hikes in December but paused in Q1-2026 due to emerging global oil surplus.

Weekly EIA report was bearish for crude and products. Crude inventories rose unexpectedly, as did gasoline and distillate supplies. US crude oil production fell slightly. Inventories were below seasonal 5-year averages. Baker Hughes reported a modest rise in active US oil rigs.

US crude oil inventories are below seasonal averages. Gasoline and distillate inventories also below averages. US crude oil production fell slightly. Baker Hughes reported a modest rise in active US oil rigs.

Read more at Yahoo Finance: Crude Prices Gain on Doubts About a Russian-Ukrainian Peace Deal