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Rich Asplund

Crude Oil Prices Plunge on Report Saudi Arabia Wants to Speed Up Production Hikes

Oil OPEC Saudi Arabia EIA United States Russia

October WTI crude oil (CLV25) is down -1.91 (-3.01%), and October RBOB gasoline (RBV25) is down -0.0576 (-2.87%).

Crude oil and gasoline prices are sharply lower after a report that Saudi Arabia wants OPEC+ to speed up production hikes. Oil prices are also lower due to concerns about US economic growth following today's weak US payroll report of +22,000 and the rise in the US unemployment rate to a 3.75-year high of 4.3%.

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