Crude oil and gasoline prices dipped on Tuesday amidst hopes for an end to the Russian-Ukrainian war, potentially lifting restrictions on Russian energy exports. However, Russian President Putin’s threats following recent attacks on Russian tankers and facilities have raised concerns. Crude oil stored on tankers rose to the highest level in almost 2.5 years.

OPEC revised its Q3 global oil market estimates from a deficit to a surplus, with US production exceeding expectations. The EIA raised its 2025 US crude production estimate. Venezuelan geopolitical risks, reduced crude exports from Russia, and new US and EU sanctions have impacted global oil markets. OPEC+ plans to pause production increases in Q1 2026.

The consensus for this week’s EIA report expects a decrease in crude inventories and an increase in gasoline supplies. US crude oil inventories were below the seasonal 5-year average, with crude oil production falling slightly. Baker Hughes reported a decline in the number of active US oil rigs to a 4-year low.

Read more at Yahoo Finance: Possible Easing of Geopolitical Risks Weighs on Crude Prices