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Barchart
Barchart
Rich Asplund

Crude Oil Falls as EIA Forecasts Larger Global Oil Surplus

Oil EIA United States Donald Trump OPEC Russia Alaska Ukraine

September WTI crude oil (CLU25) on Tuesday closed down -0.79 (-1.24%), and September RBOB gasoline (RBU25) closed down -0.0022 (-0.11%).

Crude oil prices on Tuesday fell on the possibility of progress at the Trump-Putin summit in Alaska on Friday regarding the Russia-Ukraine war, which could result in reduced sanctions on Russian oil.  The oil markets also remain concerned about an oil surplus after the EIA on Tuesday raised its forecast for the 2025 global oil surplus to 1.7 million bpd from 1.1 million bpd.  The EIA expects a global oil surplus of 1.5 million bpd in 2026, up from its previous forecast of 1.1 million bpd.

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