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Rich Asplund

Crude Prices Fall on Oversupply Concerns

Oil OPEC Donald Trump EIA United States CNN Vortexa

July WTI crude oil (CLN25) Thursday closed down -0.90 (-1.46%), and July RBOB gasoline (RBN25) closed down -0.0260 (-1.26%).

Crude oil and gasoline prices on Thursday gave up an early advance and retreated, with gasoline falling to a 3-week low. Crude prices were under pressure Thursday amid concerns about a global supply glut, following a report by Interfax that cited Kazakhstan as saying OPEC+ is set to raise crude production levels at its meeting on Saturday. Crude prices fell despite a weak dollar and a bullish weekly EIA inventory report.

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