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Barchart
Barchart
Rich Asplund

Crude Prices Close Lower on Energy Demand Woes and Increased Russian Crude Exports

Oil United States Russia Goldman Sachs OPEC EIA

Oct WTI crude oil (CLV24) Tuesday closed down -1.89 (-2.44%), and Oct RBOB gasoline (RBV24) closed down -3.73 (-1.75%).

Crude oil and gasoline prices settled moderately lower on Tuesday.  Crude prices came under pressure Tuesday after Goldman Sachs cut its 2025 Brent crude forecast to $77 a barrel from a prior estimate of $82 per barrel.  Tuesday's slump in the crude crack spread to a 3-1/2 year low is another bearish factor for crude prices.  In addition, an increase in Russian crude exports is negative for crude prices.

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