Crude oil and gasoline prices are down today, with October WTI crude oil dropping 2.67% and October RBOB gasoline falling 1.47%. Concerns of a global oil supply glut due to a possible increase in OPEC+ production levels and weak US economic news are contributing to the decline. The weaker dollar is a supportive factor for energy prices.

US economic news was weaker-than-expected, with Jul JOLTS job openings falling to a 10-month low and factory orders declining for the second straight month. Reduced Russian crude output, caused by Ukrainian attacks on refineries, is tightening global oil supplies. Crude prices could be impacted by potential sanctions on Russian energy exports due to the ongoing war in Ukraine.

A decrease in crude oil stored on tankers is bullish for oil prices, with Vortexa reporting a significant drop in stored oil. Concerns about higher OPEC production are negative for prices, as OPEC+ endorsed an increase in crude production for September. OPEC Aug crude production rose to its highest level in over two years.

The weekly EIA report showed US crude oil inventories below the seasonal 5-year average, while gasoline and distillate inventories also showed declines. US crude oil production rose slightly but remains below record highs. The number of active US oil rigs increased slightly but remains near a 3.75-year low.

Baker Hughes reported a small increase in the number of active US oil rigs, which are just above a recent low. OPEC+ is planning to boost production, potentially impacting crude oil prices. Global oil supplies are tightening due to reduced Russian output and concerns about sanctions on Russian energy exports.

Read more at Yahoo Finance: Crude Oil Prices Tumble as OPEC+ May Boost Crude Production