Crude oil and gasoline prices rose on Tuesday, with WTI crude up 1.51% and RBOB gasoline up 2.07%. The decline in the dollar index to a 1.5-week low supported energy prices. Expectations of the US government reopening boosted economic growth prospects and energy demand.

The Senate passed a temporary funding bill to end the government shutdown, with the House expected to pass it on Wednesday. This sparked a risk-on mood in asset markets, pushing crude prices higher. China’s strong crude demand and Saudi Arabia’s price cut are influencing factors.

Reports of potential US military strikes on Venezuela and OPEC+’s decision to raise production by +137,000 bpd in December are impacting oil prices. The IEA forecasts a record global oil surplus for 2026. Reduced crude exports from Russia and sanctions on Russian oil companies also play a role.

Crude oil stored on stationary tankers increased by 11% to 95.18 million barrels. US crude oil inventories are below seasonal averages, with record high production. The number of active US oil rigs remained unchanged at 414, near a 4-year low, after a significant decline in the past 2.5 years.

Read more at Yahoo Finance: Crude Prices Climb on Dollar Weakness and Expected End of US Government Shutdown