Crude oil and gasoline prices ended lower on Tuesday, hitting one-week lows. OPEC+ plans to increase crude production levels, leading to concerns about a global supply glut. The weaker dollar limited crude losses. OPEC+ is set to boost output by 2.2 million bpd by gradually increasing production in three monthly installments. The IEA projects a record oil surplus in 2022. Iraq’s oil exports may add 500,000 bpd to global markets. India’s reduced crude imports and increased oil stored on tankers are bearish for prices. President Trump suggests shooting down Russian aircraft violating airspace and imposing tariffs on China and India for purchasing Russian oil to end the war in Ukraine. Ukrainian attacks on Russian refineries have curbed exports, tightening global oil supplies. EIA expects an increase in crude and gasoline inventories. US crude production remains slightly below record highs, with Baker Hughes reporting a slight increase in active US oil rigs.

Read more at Yahoo Finance: Oversupply Fears Undercut Crude Oil Prices