Crude oil and gasoline prices are up today due to the weakened dollar and ongoing conflict in Ukraine. Geopolitical risks, including threats from Russian President Putin and President Trump’s comments on Venezuela, are supporting oil prices. Saudi Arabia’s decision to cut oil prices for Asian customers indicates weakened energy demand.

Reduced crude exports from Russia are bolstering oil prices. Ukraine’s attacks on Russian refineries and infrastructure have limited Russia’s export capabilities. OPEC+ announced a pause in production increases for Q1 2026 due to an emerging global oil surplus. OPEC’s crude production rose to its highest level in 2.5 years in October.

Crude oil stored on stationary tankers rose to the highest level in almost 2.5 years. OPEC revised its global oil market estimates from a deficit to a surplus in Q3. The EIA raised its 2025 US crude production estimate. US crude oil inventories are below the 5-year seasonal average, with production slightly below record highs.

The number of active US oil rigs fell to a 4-year low, signaling a sharp decline over the past 2.5 years. The information in the article is solely for informational purposes and does not suggest any positions in the mentioned securities.

Read more at Yahoo Finance: Crude Oil Prices Find Support from a Weaker Dollar and Geopolitical Risks