Crude Prices Erase Early Gains on a Bearish EIA Inventory Report

Core Insights - Crude oil and gasoline prices have declined due to a bearish EIA inventory report and a strengthening dollar index, despite geopolitical risks providing some support for prices [2][3] Group 1: Price Movements - February WTI crude oil is down by $0.03 (-0.05%) and February RBOB gasoline is down by $0.0196 (-1.13%) [1] - Crude prices are supported by expectations that OPEC+ will maintain its current production levels during their upcoming meeting [3] Group 2: Demand and Supply Dynamics - China's crude imports are 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] - The US has implemented a blockade on sanctioned oil tankers involved in Venezuelan oil shipments, which is expected to support oil prices [6] Group 3: Geopolitical Factors - US military actions against ISIS targets in Nigeria are contributing to price support, as Nigeria is an OPEC member [5] - Ukrainian attacks on Russian refineries and tankers have limited Russia's crude oil export capabilities, further tightening global oil supplies [7]