Crude oil and gasoline prices fluctuated on Wednesday, with the dollar index falling to a 5-week low. Geopolitical tensions, including threats from Putin and Trump, have supported crude prices. Reduced crude exports from Russia have also impacted prices, with a fuel crunch and damage to oil terminals affecting production.

OPEC+ announced plans to pause production increases in Q1 of 2026 due to an emerging global oil surplus. Crude stored on tankers stationary for over 7 days rose to a 2.5-year high. OPEC revised its global oil market estimates from a deficit to a surplus, with US production exceeding expectations.

The weekly EIA report was bearish for crude and products, with unexpected increases in inventories. US crude oil production remained stable, slightly below record highs. The number of active US oil rigs fell to a 4-year low. Crude oil prices gained on dollar weakness and geopolitical risks, impacting the energy market.

Read more at Yahoo Finance: Crude Oil Prices Gain on Dollar Weakness and Geopolitical Risks