Crude oil and gasoline prices fell after weekly EIA crude inventories rose unexpectedly, US crude production hit a record high. UK sanctions on Russian oil producers supported prices. Crude prices tumbled due to US-China trade tensions and IEA’s forecast of a global oil glut. Middle East tensions eased, reducing crude’s risk premium.

Increased crude oil stored on tankers is bearish for prices. OPEC+ agreed to a smaller-than-expected production boost. Ukraine targeting Russian refineries limits Russia’s crude export capabilities. Iraq’s agreement to resume Kurdish oil exports adds to global oil supplies. Concerns over sanctions on Russian energy exports support prices.

EIA inventory report was mixed, with unexpected rises in crude inventories, smaller gasoline draw, and larger distillate draw. US crude oil production hit a record high, while active US oil rigs fell slightly. Outlook for higher Iraqi oil production adds to global supplies. US proposes high tariffs on China and India over Russian oil purchases.

Read more at Yahoo Finance: Crude Prices Slip as Weekly EIA Crude Inventories Unexpectedly Climb