Crude oil and gasoline prices surged today, with crude hitting a 1-week high and gasoline reaching a 6-week high. The decline in the dollar index to a 1.5-week low is boosting energy prices. Expectations of the US government reopening later this week are also driving up prices. The Senate approved a temporary funding bill to end the government shutdown, sparking a risk-on mood in asset markets. China’s strong crude demand, coupled with reports of potential US military strikes on Venezuela, are providing support for oil prices. OPEC+ announced a production increase for December but will pause in Q1-2026 due to an emerging global surplus.

Reduced crude exports from Russia, due to Ukrainian attacks on refineries, are supporting oil prices. Tanker data shows a significant increase in oil stored on stationary tankers. US crude oil inventories are below seasonal averages, while production hit a record high. The number of active US oil rigs remains stable but is above recent lows. Sanctions on Russian oil companies are affecting crude exports.

Read more at Yahoo Finance: Crude Prices Rally on Dollar Weakness and Expected End of US Government Shutdown