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Barchart
Rich Asplund

Crude Plunges on Tepid Global Fuel Demand and Possible Resumption of Libyan Supplies

Oil Libya United States OPEC

Oct WTI crude oil (CLV24) today is down -2.88 (-3.92%), and Oct RBOB gasoline (RBV24) is down -9.40 (-4.49%).

Crude oil and gasoline prices today are sharply lower, with crude falling to a 7-1/2 month low and gasoline falling to an 8-1/2 month low.  Today's rally in the dollar index to a 2-week high is bearish for energy prices.  Also, global energy demand concerns weighed on crude prices after Chinese and US manufacturing activity contracted more than expected.  Losses in crude oil accelerated today after a Libyan central banker said that a deal appears imminent to resume the country's crude oil production.

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