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On Wednesday, January WTI crude oil closed at $58.68 per barrel, up $0.70 (+1.21%), and January RBOB gasoline closed at $1.8342 per gallon, up $0.0251 (+1.39%). Crude prices rose amid a weaker dollar and concerns regarding a lack of peace indications from Russia in the ongoing conflict with Ukraine. Additionally, a report revealed active US oil rigs fell to a four-year low of 407, indicating a potential decline in US oil production.
In early November, Vortexa reported that Russia’s crude oil product shipments dropped to 1.7 million barrels per day, the lowest in over three years, largely due to sanctions and ongoing conflicts. Meanwhile, the US Energy Information Administration (EIA) reported a surprise increase in US crude inventories by 2.77 million barrels, against expectations of a decrease.
As of November 21, US crude oil production decreased by 0.1% to 13.814 million barrels per day. The EIA noted that crude inventories remained 3.8% below the seasonal five-year average. OPEC+ plans to increase production by 137,000 barrels per day in December before pausing in early 2026, as a global oil surplus is anticipated.
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