On Monday, crude oil and gasoline prices rebounded from last Friday’s drop, with crude rising due to potential US-China trade deal and possible arms sales to Ukraine. The market rally and strong dollar influenced prices. Crude fell last week amid trade tensions with China and eased tensions in the Middle East.

OPEC+ agreed to a smaller-than-expected increase in crude production, boosting prices. Reduced production in Russia due to Ukrainian attacks on refineries supported oil prices. However, global oil supplies may rise with Iraq resuming Kurdish oil exports. Concerns over Russian energy exports facing sanctions also supported prices.

US crude oil inventories were below seasonal averages, while production remained near record highs. The number of active US oil rigs fell slightly. Crude stored on tankers rose, potentially affecting prices. The ongoing war in Ukraine and proposed tariffs on Chinese and Indian purchases of Russian oil could impact global supplies.

Read more at Yahoo Finance: Crude Prices Supported by Easing US-China Trade Tensions