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Barchart
Barchart
Rich Asplund

Crude Closes Lower on the Outlook for a Global Crude Glut

Oil OPEC IEA Vladimir Putin United States China Russia

January WTI crude oil (CLF25) Thursday closed down -0.27 (-0.38%), and January RBOB gasoline (RBF25) closed up +0.0027 (+0.14%).

Crude oil and gasoline prices Thursday fell back from 2-1/2 week highs and settled mixed.  Thursday's rally in the dollar index (DXY00) to a 2-week high weighed on energy prices.  Also, Thursday's monthly report from the International Energy Agency (IEA) was bearish for crude as the IEA projects a global oil glut next year.

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