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Barchart
Barchart
Rich Asplund

Crude Oil Prices Weakens on Oversupply Concerns

Oil EIA OPEC United States Russia Vortexa

January WTI crude oil (CLF26) today is down -0.48 (-0.82%), and January RBOB gasoline (RBF26) closed down -0.0239 (-1.34%).

Crude oil and gasoline prices extended this week's losses today, with crude posting a 2-week low and gasoline slumping to a 4.75-year nearest-futures low.  Crude prices are falling on concerns about a global oil glut.  Oil prices remained lower today after a mixed EIA inventory report showed crude supplies fell more than expected, while gasoline and distillate stockpiles rose more than expected.  

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