Crude oil and gasoline prices closed lower, with crude hitting a 2-week low due to concerns of a global oil supply glut. Weekly EIA crude inventories unexpectedly rose, while gasoline supplies fell more than expected to a 9-month low. Global economic news was weaker than expected, impacting energy demand and prices.

Reduced Russian crude output is tightening global oil supplies, supporting prices. Concerns over the ongoing war in Ukraine potentially leading to sanctions on Russian energy exports could further reduce global oil supplies. US Treasury Secretary Bessent said the US will closely examine sanctions on Russia due to the war.

A decrease in crude oil stored on tankers is bullish for oil prices, with a significant drop reported. OPEC+ endorsed an increase in crude production for September, gradually restoring a total of 2.2 million bpd by September 2026. OPEC Aug crude production rose to the highest in over two years.

Weekly EIA report was mainly bearish for crude and products, with unexpected rises in crude and distillate stockpiles. Crude supplies at Cushing rose while gasoline inventories fell to a 9-month low. US crude oil production slightly decreased, and the number of active US oil rigs rose by +1.

US crude oil inventories were below the seasonal 5-year average, while gasoline and distillate inventories remained below their respective averages. US crude oil production slightly decreased, and the number of active US oil rigs rose slightly. Weekly EIA report showed mixed results for crude and products.

Baker Hughes reported a slight increase in the number of active US oil rigs, just above a 3.75-year low. The number of US oil rigs has significantly declined from a high reported in December 2022. No positions in mentioned securities. Information in this article is for informational purposes only.

Read more at Yahoo Finance: Crude Oil Prices Fall as Weekly EIA Crude Inventories Unexpectedly Build