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Barchart
Rich Asplund

Crude Prices Fall as EIA Cuts its Crude Demand Forecast

EIA Oil crude oil United States Iran Saudi Arabia IEA OPEC the Middle East the Strait of Hormuz

November WTI crude oil (CLX26) closed down -1.16 (-1.30%) on Wednesday, and November RBOB gasoline (RBX26) closed down -0.0390 (-1.19%).

Crude oil and gasoline prices erased an early rally on Wednesday and settled lower on signs of weakening global energy demand after the EIA cut its 2026 global crude demand forecast. Crude oil and gasoline prices also came under pressure on a mixed EIA inventory report, which showed US crude production rose to a record high and gasoline supplies unexpectedly increased.

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