Crude Prices Rally on Concern Over Russian Oil Supplies

Group 1 - Crude oil and gasoline prices have increased due to concerns over Russian crude supplies following NATO's commitment to a "robust" response to Russian incursions into its airspace [1][2] - The ongoing war in Ukraine raises concerns about potential additional sanctions on Russian energy exports, which could further reduce global oil supplies [3] - The resumption of oil exports from Iraq's Kurdish region to Turkey could add at least 230,000 barrels per day (bpd) to global markets, exerting downward pressure on crude prices [5] Group 2 - Weaker-than-expected manufacturing activity in both the Eurozone and the US is negatively impacting energy demand and crude prices, with the US S&P manufacturing PMI falling to 52.0 and the Eurozone PMI dropping to 49.5 [4] - Reduced crude demand from India, the world's third-largest crude oil importer, is also bearish for oil prices, as India's August crude imports fell by 2.9% year-on-year to 19.6 million metric tons [6] - An increase in crude oil stored on stationary tankers, which rose by 14% week-on-week to 74.18 million barrels, indicates a bearish trend for oil prices [6]