October WTI crude oil (CLV26) is down -2.97 (-2.90%), and October RBOB gasoline (RBV26) is down -0.0499 (-1.47%).
Oct WTI oil prices today have fallen back after Thursday’s +6.7% rally to a 3.5 month high. Oil prices fell back after the International Energy Agency (IEA) today warned that high oil prices and restricted oil supply will cause the biggest drop in global oil demand this year since the Covid-19 pandemic. The IEA raised its estimate for this year’s global oil deficit to 1.7 million bpd from last month’s 1.3 million bpd estimate. The IEA said the return of a global oil surplus will be delayed until 2027, from its previous estimate of late 2026.
