Crude oil and gasoline prices closed mixed on Monday, with crude supported by a weaker dollar and OPEC+ raising production less than expected. Saudi Arabia cut crude prices for Asian buyers in October, signaling weaker demand.

OPEC+ agreed on Sunday to increase crude production by 137,000 bpd starting in October, lower than previous boosts. Restarting the remaining 1.66 million bpd will depend on market conditions. Russian crude output cuts tighten global supply, supporting prices.

Concerns about the war in Ukraine leading to sanctions on Russian energy exports support crude prices. US and European leaders have discussed sanctions on Russia, with President Trump threatening consequences if Russia doesn’t negotiate. Increased oil storage on tankers is bearish for prices.

Higher OPEC production is a negative factor for crude prices, as OPEC+ aims to restore 2.2 million bpd of production by 2026. OPEC’s August production reached 28.55 million bpd, the highest in two years. US crude inventories remain below seasonal averages.

US oil rig count rose by +2 to 414 rigs, close to a 4-year low. Since December 2022, the number of active US oil rigs has fallen significantly. No positions are held in securities mentioned. Information in this article is for informational purposes only.

Read more at Yahoo Finance: Crude Oil Settles Higher as OPEC+ Boosts Crude Production Below Expectations