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Barchart
Barchart
Rich Asplund

Concerns of a Global Supply Glut and Weak Energy Demand Hammer Crude Prices

Oil OPEC United States

November WTI crude oil (CLX25) on Thursday closed down -1.30 (-2.10%), and November RBOB gasoline (RBX25) closed down -0.0349 (-1.85%).

Crude oil and gasoline prices sold off on Thursday, with crude posting a 4-month nearest-futures low and gasoline posting a 4.5-year low.   Crude prices are retreating as OPEC+ is set to increase its crude production levels, which will boost global supplies and potentially lead to a worldwide oil supply glut.   Thursday's dollar strength was also bearish for crude prices.  Additionally, concerns that energy demand will suffer the longer the US government shutdown continues are undercutting crude prices.  

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