Crude oil and gasoline prices fell on Wednesday due to concerns of a global oil supply glut. Weaker US economic news also weighed on energy demand. However, a weaker dollar limited crude losses. Reduced Russian crude output tightened global oil supplies. Crude prices are supported by concerns of potential sanctions on Russian energy exports due to the war in Ukraine. A decrease in crude oil held on tankers is bullish for oil prices. Concerns about higher OPEC production are negative for crude prices as the organization plans to boost output. The weekly EIA report is expected to show a decrease in crude and gasoline inventories. US crude oil production is slightly below record highs, while the number of active US oil rigs rose slightly.

Read more at Yahoo Finance: Crude Oil Prices Sharply Lower as OPEC+ Considers a Crude Production Increase