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Rich Asplund

Concerns About Rising Global Oil Supplies Weigh on Crude Prices

Oil OPEC Donald Trump EIA United States CNN Vortexa

July WTI crude oil (CLN25) today is down -0.58 (-0.94%), and July RBOB gasoline (RBN25) is down -0.0126 (-0.61%).

Crude oil and gasoline prices today gave up an early advance and turned lower, with gasoline falling to a 3-week low. Crude prices retreated today amid concerns about a global supply glut, following a report by Interfax that cited Kazakhstan as saying OPEC+ is set to raise crude production levels at its meeting on Saturday. Crude prices recovered from their worst level today, driven by a weak dollar and a bullish weekly EIA inventory report.

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