**Crude Oil and Gasoline Prices Surge Following Russian Export Ban**
On Wednesday, November WTI crude oil closed up 1.16%, while November RBOB gasoline rose by 4.09%. This increase comes as Russia extended its diesel export ban through October, further tightening the global oil market. The extension follows earlier damage to Russian refineries from Ukrainian missile attacks, which has led to a significant reduction in Russian oil exports.
Weekly data from the Energy Information Administration (EIA) revealed a sharp decline in U.S. gasoline inventories, which fell by 1.7 million barrels to a nearly 12-year low. Meanwhile, distillate stockpiles unexpectedly dropped by 2.25 million barrels. In contrast, U.S. crude inventories increased by 922,000 barrels, highlighting mixed trends in the domestic oil market. Global oil markets are reportedly tightening further, with an estimated loss of 2 million barrels per day from Middle Eastern exports and similar losses from Russian supplies due to ongoing conflicts.
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