Crude oil prices fell after President Trump refrained from imposing new sanctions on Russian oil exports and threatened tariffs for countries buying Russian oil. OPEC+ may pause production increases due to concerns about a global oil glut, while Saudi Arabia plans to increase crude output to penalize overproducing members.

Amid worries of a global oil glut, OPEC+ agreed to increase crude production by 548,000 bpd, exceeding expectations. Saudi Arabia may continue similar increases to reduce oil prices. US crude oil inventories are below seasonal averages, and active US oil rigs hit a 3.75-year low.

A decrease in crude oil stored on tankers is positive for oil prices, while the International Energy Agency warned of a surplus by Q4-2025. Crude oil prices continue to be impacted by various factors, including OPEC+ production increases and global demand concerns.

Read more at Yahoo Finance: Crude Oil Prices Remain Weak on Lack of Fresh Russian Sanctions