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Barchart
Rich Asplund

Abundant Crude Supplies Weigh on Prices

Oil EIA OPEC United States

November WTI crude oil (CLX25) today is down -0.43 (-0.69%), and November RBOB gasoline (RBX25) is down -0.0321 (-1.67%).

Crude oil and gasoline prices today extended this week's selloff, with crude falling to a 4-month nearest-futures low and gasoline dropping to a 10.5-month low.   Crude prices are sliding on concerns about a global supply glut as OPEC+ is set to increase its crude production levels.   Crude prices added to their losses today after weekly EIA crude and gasoline inventories rose more than expected.  Today's decline in the dollar index (DXY00) to a 1-week low is limiting losses in energy prices.

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