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Barchart
Barchart
Rich Asplund

Crude Oil Prices Pressured on Signs of Abundant Global Supplies

Oil OPEC United States Venezuela EIA Russia Vortexa

January WTI crude oil (CLF26) on Thursday closed down -0.78 (-1.34%), and January RBOB gasoline (RBF26) closed down -0.0232 (-1.15%).

Crude oil and gasoline retreated on Thursday, with crude posting a 7-week low and gasoline slumping to a 4.75-year nearest-futures low.  Concerns about a global oil glut continue to pressure crude prices.  Also, today's stock weakness has dampened optimism in the economic outlook, a bearish factor for energy demand.

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