Crude oil and gasoline prices fell after President Trump mentioned progress in talks to end the war in Ukraine, leading to speculation of no secondary sanctions on Russian energy exports. Crude initially rose after the dollar index dropped, and Saudi Arabia raised prices for Arab Light crude. Concerns about tariffs on Russian oil and the global oil supply glut continue to impact prices. The EU approved sanctions on Russian oil, including cutting off more banks from SWIFT. A decline in oil stored on tankers is bullish for prices. The EIA report showed draws in crude, gasoline, and distillate stockpiles, while Cushing supplies rose. US crude oil production fell slightly, and the number of active US oil rigs decreased.

Read more at Yahoo Finance: Crude Prices Retreat on Claims of Progress in Ending Russian-Ukraine War