Crude oil prices increased today, with February WTI crude oil up +0.40% and February RBOB gasoline up +0.73%. Global geopolitical risks from Venezuela, Nigeria, and Russia are persistent factors. OPEC+ is expected to maintain plans to pause further crude production increases, supporting prices. The dollar index’s rise limited gains, and the weekly EIA inventory report was bearish.

China’s increasing crude imports by 10% m/m to a record 12.2 million bpd this month are supportive for prices. US strikes on ISIS targets in Nigeria and a blockade of Venezuelan oil tankers contribute to price support. Oil stored on stationary tankers rose 15% w/w to 129.33 million bbl. Ukrainian attacks on Russian refineries are impacting oil exports.

OPEC+ plans to pause production increases in Q1 2026 due to a global oil surplus. OPEC aims to restore 2.2 million bpd of production cut in early 2024 but still has 1.2 million bpd left. OPEC’s November crude production fell by -10,000 bpd to 29.09 million bpd. US and EU sanctions on Russian oil companies have also affected exports.

The EIA reported bearish figures, with unexpected rises in crude inventories and gasoline supplies. Distillate inventories had a smaller build than expected. US crude oil production slightly decreased to 13.825 million bpd, just below the record high. Baker Hughes reported a slight increase in active US oil rigs to 409 rigs.

Read more at Yahoo Finance: Crude Oil Prices Supported by Global Geopolitical Risks