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On Wednesday, January WTI crude oil closed up $0.21 (+0.36%), while January RBOB gasoline closed down $0.0082 (-0.46%). Despite a 2-week low in crude and a 4.75-year low in gasoline earlier in the day, crude prices rallied in the afternoon following the U.S. seizure of a sanctioned oil tanker off the coast of Venezuela, impacting Venezuela’s ability to export oil.
The weekly EIA report indicated mixed results: crude supplies decreased by 1.81 million barrels, exceeding expectations of a 1.3 million barrel drop, while gasoline inventories rose by 6.4 million barrels, surpassing the expected increase of 2.0 million barrels. Additionally, U.S. crude production rose by 0.3% week-over-week to 13.853 million barrels per day.
Geopolitical tensions are influencing oil prices, with Russia’s export difficulties contrasting against the backdrop of increased U.S. production and mixed global demand forecasts. The EIA report also showed that U.S. crude oil inventories are now 4.3% below the seasonal 5-year average.
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