Today, WTI crude oil is down, while RBOB gasoline is up. Oil prices fell due to demand concerns after Saudi Arabia cut prices. Gasoline rose as inventories dropped. Aramco’s price cut signals weak demand. The crude crack spread hit a 1.5-year high, supporting prices. Reports of potential US military strikes in Venezuela also boosted oil prices.

OPEC+ announced a production increase for December, then a pause in Q1-2026 due to an emerging global oil surplus. OPEC aims to restore production cuts made in early 2024. Recent Ukrainian attacks on Russian refineries have reduced crude exports from Russia. New US and EU sanctions have further limited Russian oil exports.

Crude oil stored on tankers decreased by 11%, and US crude inventories are below the seasonal 5-year average. Gasoline and distillate inventories are also below average. US crude oil production reached a record high. The number of active US oil rigs fell slightly, but remains above a 4-year low.

Read more at Yahoo Finance: Crude Oil Under Pressure as Saudi Aramco Cuts Prices