On Friday, crude oil prices closed mixed, with WTI up +0.54% and RBOB gasoline down -1.29%. Dollar weakness and strong Chinese demand supported crude prices, but economic concerns and Saudi Arabia’s price cut for its main crude grade weighed on oil prices. The US military’s potential strikes on Venezuela also influenced oil prices.

OPEC+ announced a production increase of 137,000 bpd for December but will halt production hikes in Q1-2026 due to an emerging global oil surplus. The IEA forecasted a record global oil surplus of 4.0 million bpd for 2026. Reduced crude exports from Russia, due to attacks on refineries, have also supported oil prices.

Crude oil stored on tankers stationary for at least 7 days decreased by -11% w/w to 86.91 million bbls. EIA reports showed US crude oil inventories below seasonal averages, with production reaching a record high of 13.651 million bpd. Baker Hughes reported 414 active US oil rigs, slightly above the 4-year low.

These developments in the oil market have led to fluctuations in prices, impacted by various factors such as demand, production levels, and geopolitical tensions.

Read more at Yahoo Finance: Crude Oil Higher on Dollar Weakness and Stronger Chinese Demand