Oil prices are down today due to a selloff in the S&P 500 and weak US labor market data. Crude oil has support from reduced exports from Russia, geopolitical risks, and a bullish crude crack spread. OPEC revised global oil market estimates to a surplus, and OPEC+ will increase production but pause in Q1-2026.

Vortexa reports an increase in crude oil stored on tankers, while EIA data shows US crude inventories below 5-year averages. Baker Hughes reports a rise in active US oil rigs. Rich Asplund has no positions in mentioned securities. Find more information at Barchart.com.

Read more at Yahoo Finance: Crude Prices Pressured by Risk-Off Sentiment as Stocks Tumble