Crude oil and gasoline prices plummeted today, with crude hitting a 7-week low and gasoline at a 4.75-year low. Concerns about a global oil glut persist due to sluggish energy demand and geopolitical risks in Venezuela after a US oil tanker interception.

Global commodities trader Trafigura predicts a “super glut” in the oil market next year, adding bearish pressure. The crude crack spread is at a 2-month low, discouraging refiners from purchasing crude for gasoline and distillate production.

Saudi Arabia’s Aramco cutting oil prices for Asian customers signals weaker energy demand. Geopolitical risks support crude prices with threats from Russian President Putin and US actions in Venezuela. Reduced Russian crude exports due to Ukraine attacks also underpin prices.

OPEC+ plans to pause production increases in Q1 of 2026 to balance the emerging global oil surplus. OPEC’s November crude production decreased, while US and EU sanctions on Russian oil companies impact Russian exports. US oil rigs increased to 413, rebounding from a 4-year low.

Read more at Yahoo Finance: Crude Oil Prices Retreat on Concerns Over a Global Oil Glut