Crude oil and gasoline prices dipped slightly today due to a stronger dollar and optimism for an end to the Russian-Ukrainian war. However, prices received support after reports of Russian threats and attacks on vessels and oil terminals. Crude oil stored on tankers also saw a significant increase. OPEC revised its global oil market estimates to a surplus, while geopolitical tensions in Venezuela and reduced crude exports from Russia are impacting prices. OPEC+ plans to pause production increases in Q1 of 2026, as global oil surplus concerns persist. US crude oil inventories are below average, and the number of active US oil rigs has hit a 4-year low.

Read more at Yahoo Finance.: Crude Prices Undercut by Hopes for an End to the Russian-Ukrainian War