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Rich Asplund

Crude Oil Prices Sink as Global Oil Supplies Look to Normalize

Oil United States EIA Goldman Sachs Kpler OPEC

July WTI crude oil (CLN26) on Tuesday closed down -4.70 (-5.83%), and July RBOB gasoline (RBN26) closed down -0.0667 (-2.26%).

Crude oil and gasoline prices fell sharply for the fourth consecutive session on Tuesday, with crude posting a 3.5-month low and gasoline posting a 3.25-month low. Crude oil prices are sinking on negative carryover from Monday, when the US and Iran agreed to end their war and reopen the Strait of Hormuz. Losses in crude oil accelerated Tuesday afternoon when the Wall Street Journal reported that the US-Iran peace deal would allow Iran to sell crude oil immediately.

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One subscription that gives you access to news from hundreds of sites

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