Crude oil and gasoline prices plummeted due to OPEC+ considering a +137,000 bpd increase in crude production for November, boosting global oil supplies. Iraq’s agreement to resume Kurdish oil exports could add 500,000 bpd to global markets. India’s reduced crude imports and increased oil stored on tankers also impact prices negatively.

Concerns over the war in Ukraine potentially leading to Russian energy export sanctions support crude prices. Ukrainian attacks on Russian refineries limit crude exports, tightening global supplies. OPEC+ agreed to gradually increase production, with August production hitting a 2-year high. US crude inventories remain below seasonal averages, while the number of active oil rigs in the US rises.

Read more at Yahoo Finance: Crude Prices Sink on the Outlook for Higher OPEC+ Oil Production