Crude Oil Prices Turn Lower as the Dollar Strengthens

Group 1: Oil Price Movements - Crude oil prices closed down by $0.13 (-0.22%), while gasoline prices increased by $0.0053 (+0.31%) on Tuesday [1] - The dollar index reached a one-week high, contributing to the decline in crude prices after an initial advance [2] - The weekly EIA inventory report released on Monday evening was bearish for crude prices, although losses were limited due to ongoing geopolitical risks [2] Group 2: Geopolitical Factors - Persistent geopolitical risks from Venezuela, Nigeria, and Russia are providing some support for crude prices [2] - The U.S. launched strikes on ISIS targets in Nigeria, which is an OPEC member, to combat rising terrorist attacks, further influencing oil prices [4] - The U.S. Coast Guard's blockade of sanctioned oil tankers involved in Venezuelan oil shipments is also supporting oil prices [5] Group 3: OPEC+ and Demand Dynamics - OPEC+ is expected to maintain its plans to pause further supply increases during its upcoming monthly video conference [3] - Chinese crude demand is strengthening, with imports projected to rise by 10% month-over-month to a record 12.2 million barrels per day as the country rebuilds its crude inventories [3] Group 4: Supply Constraints - Ukrainian drone and missile attacks have targeted Russian refineries, limiting Russia's crude oil export capabilities and reducing global oil supplies [7] - New U.S. and EU sanctions on Russian oil companies and infrastructure have further curtailed Russian oil exports [7]