Crude oil and gasoline prices surged, hitting 1.5-week highs as the dollar index dropped to a 2.5-month low. Ukrainian drone attacks on Russian refineries reduced exports, tightness in global oil supplies. Strong US economic data showed increased demand, boosting prices. Crude stored on tankers fell, supporting oil prices.

Geopolitical tensions in Europe and the Middle East, including Russian drone attacks on Ukraine and Israel’s strike on Qatar, are bullish for crude prices. OPEC+ agreed to a smaller production increase in October, citing evolving market conditions. Concerns about a global oil surplus are bearish for prices after the IEA raised its estimate.

OPEC+ is gradually increasing production, aiming to restore 2.2 million bpd by 2026. OPEC’s August crude production rose to the highest in over two years. Concerns about higher OPEC production and increased output are negative for crude prices. EIA inventories are expected to rise, with crude and gasoline supplies increasing.

Read more at Yahoo Finance: Dollar Weakness and Tighter Global Supplies Boost Crude Prices