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Rich Asplund

Crude Oil Prices Sink as Global Oil Supplies Recover

Oil EIA United States OPEC International Energy Agency

August WTI crude oil (CLQ26) today is down -3.02 (-4.13%), and August RBOB gasoline (RBQ26) is down -0.0842 (-2.95%).

Crude oil and gasoline prices are falling sharply today, with crude oil posting a 3.5-month low. Today’s rally in the dollar index ($DXY) to a 13-month high is weighing on energy prices. Also, the resumption of crude supplies through the reopened Strait of Hormuz is easing global oil supply concerns and is undercutting crude prices. Today’s weekly EIA inventory report was mixed for crude oil and products.

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