February WTI crude oil prices are up, along with RBOB gasoline prices, after OPEC+ decided to maintain current production levels in Q1 2026. Geopolitical tensions in various regions are also supporting crude prices. Vortexa reported a decrease in crude oil stored on tankers last week. Chinese crude imports are set to increase in December by 10%.

Ukrainian attacks on Russian refineries and tankers, along with US and EU sanctions on Russian oil entities, have impacted global oil supplies. A decrease in the crude crack spread today is negative for oil prices. IEA projects a record global oil surplus in 2026. OPEC revised global oil market estimates to a surplus in Q3.

Last week’s EIA report showed US crude oil inventories below the seasonal average, while gasoline and distillate inventories varied. Baker Hughes reported an increase in active US oil rigs. The IEA and OPEC both made projections regarding global oil supplies and production levels.

Read more at Yahoo Finance: Crude Rallies as OPEC+ Keeps Output Levels Unchanged in Q1