Crude oil and gasoline prices are on the rise today, with crude hitting a 2.5-week high and gasoline reaching a 3-week high. Crude oil is being supported by uncertainties surrounding the Russian-Ukrainian war and expectations of a Fed interest rate cut next month. The stronger dollar is capping gains in crude.

Concerns about the ongoing Russian-Ukrainian war are providing support for crude prices, with worries that restrictions on Russian crude exports may continue. OPEC’s decision to increase crude production by 547,000 bpd in September is also weighing on prices, as the organization gradually restores production levels over the next few years.

An increase in global crude oil held on tankers is adding bearish pressure to oil prices, with Vortexa reporting a rise of 11% in oil stored on stationary tankers. The latest EIA report showed US crude oil inventories below the seasonal 5-year average, while crude oil production remains slightly below record highs.

Baker Hughes reported a decrease in active US oil rigs last week, with the number falling by 1 to 411 rigs, just above a 3.75-year low. The decline in rig count reflects a broader trend of decreasing rig activity over the past few years.

Read more at Yahoo Finance: Crude Prices Supported by Geopolitical Risks and Possible Fed Rate Cut