Gasoline Holds at One-Week Low

US gasoline futures traded around $2.10 per gallon, at a one-week low, amid rising global supply and persistent demand concerns. OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, completing the accelerated reversal of a 2.2 million-barrel cutback made by eight members in 2023. The move comes as the US intensifies pressure on India to curb its imports of Russian oil—part of broader efforts by Washington to push Moscow toward peace negotiations with Ukraine. Growing concerns about US economic growth—following a series of weak data, including a sharply cooling labor market and the fastest contraction in factory activity in nine months —have weighed on the outlook for fuel demand. The latest US tariff hikes have also added to market uncertainty, contributing to a broader decline across energy markets.