Crude oil and gasoline prices settled mixed on Tuesday, with crude prices rising slightly due to OPEC+ agreeing to a smaller-than-expected increase in production levels. A stronger dollar limited gains, and Saudi Arabia’s decision to keep prices steady signals weakness in energy demand, bearish for oil prices.

OPEC+ agreed to a 137,000 bpd increase in crude production starting next month, below market expectations of 500,000 bpd. Saudi Arabia’s decision to maintain current prices for Asian customers indicates weak energy demand, adding bearish pressure on crude prices.

Russia’s Kirishi oil refinery halted most production after a Ukrainian drone attack, reducing crude exports. Ukrainian attacks on Russian refineries have caused fuel shortages, limiting Russia’s refined-product flows. Crude stored on tankers decreased by 7%, supporting oil prices.

Crude oil tumbled to a 4.25-month low last week due to expectations of increased OPEC+ production. OPEC’s September production rose to 29.05 million bpd. Iraq’s agreement to resume oil exports could add 500,000 bpd to global supplies, bearish for prices.

Concerns about the war in Ukraine potentially leading to sanctions on Russian energy exports could reduce global oil supplies. The US proposed tariffs on China and India for buying Russian oil. EIA expected crude inventories to rise by 350,000 bbl.

Last week’s EIA report showed US crude inventories below seasonal averages. Distillate inventories were also below averages, while crude production remained steady. Active US oil rigs fell by 2 to 422, slightly above a 4-year low.

Read more at Yahoo Finance: Crude Prices Little Changed as the Dollar Rallies