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Rich Asplund

Crude Plunges as Saudi Price Cuts Signal Weak Energy Demand

Oil OPEC Red Sea United States Saudi Arabia Vortexa

February WTI crude oil (CLG24) this morning is down -3.31 (-4.48%), and Feb RBOB gasoline (RBG24) is down -7.30 (-3.47%).

Crude oil and gasoline prices this morning are sharply lower, with gasoline falling to a 3-1/2 week low. Concern that global oil demand is worsening is undercutting crude prices after Saudi Arabia cut the official selling prices for its crude for all customers. Crude prices also fell on a report from ShippingWatch that some shipping firms made a deal with Houthi rebels to get their vessels safely through the Red Sea, which could alleviate supply disruptions.

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