October WTI crude oil is up 0.49% and October RBOB gasoline is up 0.19%. Prices recovered from early losses due to a stronger dollar, with short covering pushing them higher after the weekly EIA report showed declines in inventories and supplies at Cushing.

Global supply concerns eased after Russia announced the early resumption of its Volgograd refinery following drone attacks by Ukraine. Crude oil stored on tankers rose by 11% to 96.77 million bbl, negatively impacting oil prices.

Crude prices are supported by ongoing Russian-Ukrainian tensions, potentially leading to restrictions on Russian crude exports. OPEC+ endorsed a production increase of 547,000 bpd for September, gradually restoring a total of 2.2 million bpd by September 2026.

The weekly EIA report showed a larger-than-expected draw in crude inventories and unexpected declines in distillate inventories. However, gasoline stockpiles fell less than anticipated. US crude oil production rose to 13.439 million bpd, slightly below the record high.

Baker Hughes reported a decrease in the number of active US oil rigs, just above a 3.75-year low. The number of US oil rigs has sharply fallen from its high in December 2022.

Read more at Yahoo Finance: Crude Prices Recover as Weekly EIA Crude Inventories Fall More than Expected