October WTI crude oil is down 0.75%, and RBOB gasoline is down 1.20% due to a stronger dollar and concerns of a global oil glut. Ukraine’s attacks on Russian refineries are tightening oil supplies. Better-than-expected US economic news is aiding energy demand. President Trump threatens sanctions on Russian energy exports.

The International Energy Agency raised its 2026 global crude surplus estimate to 3.33 million bpd, citing OPEC+ plans to increase production. US economic news is positive with lower initial unemployment claims and higher business outlook. Ukraine’s attacks on Russian refineries are curbing exports and tightening oil supplies.

Crude prices have support from concerns of additional sanctions on Russian energy exports due to the ongoing war in Ukraine. Decrease in oil stored on tankers is bullish. OPEC+ agreed to increase production by 137,000 bpd in October. EIA report shows US crude inventories below seasonal average. US oil rig count rises slightly.

Read more at Yahoo Finance: Dollar Strength and Global Oil Glut Fears Weigh on Crude Prices