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Rich Asplund

Crude Oil Prices Sharply Lower as OPEC+ Considers a Crude Production Increase

Oil OPEC United States Russia EIA

October WTI crude oil (CLV25) on Wednesday closed down -1.62 (-2.47%), and October RBOB gasoline (RBV25) closed down -0.0308 (-1.51%).

Crude oil and gasoline prices retreated on Wednesday due to concerns of a global oil supply glut following a report from Reuters that OPEC+ is considering an increase in its crude production levels. Wednesday's weakness in US economic news also weighed on energy demand prospects and crude prices. Losses in crude were limited due to a weaker dollar.

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