November WTI crude oil (CLX25) today is down -0.06 (-0.10%), and November RBOB gasoline (RBX25) is down -0.0084 (-0.46%).
Crude oil and gasoline prices gave up an early advance today and turned lower after weekly EIA crude inventories unexpectedly increased and US crude production rose to a record high. Crude prices initially moved higher today due to a weaker dollar, following a decline in the dollar index (DXY00) to a one-week low. Also, today's actions by the UK to curb Russian crude exports are supportive of oil prices. The UK today imposed sanctions on Rosneft PJSC and Lukoil PJSC, Russia's largest oil producers, as well as two Chinese energy firms and Indian refiner Nayara Energy Ltd, due to their handling of Russian fuel.
