December WTI crude oil is down 3.51% and December RBOB gasoline is down 1.99%. OPEC announced a global oil surplus, leading to the decline in crude prices. The US government is expected to reopen, boosting economic growth and energy demand. China’s crude imports have risen by 3.1% year-over-year.

OPEC+ will increase production by 137,000 bpd in December but halt production hikes in Q1-2026 due to the emerging global oil surplus. Reduced crude exports from Russia, along with new US and EU sanctions, have impacted oil prices. Crude oil stored on tankers increased by 11% week-over-week. US crude oil production hit a record high of 13.651 million bpd.

US oil rig count remained unchanged at 414, slightly above the 4-year low. Crude prices have tumbled due to the global oil surplus projection by OPEC. Increased Chinese crude imports have supported oil prices. Reduced Russian crude exports and sanctions have impacted oil prices globally.

Read more at Yahoo Finance: Crude Prices Tumble as OPEC Projects a Global Crude Surplus