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Barchart
Rich Asplund

Crude Prices Fall Sharply as Global Oil Supply Concerns Ease

Oil United States OPEC Russia EIA

October WTI crude oil (CLV25) on Tuesday closed down -1.55 (-2.39%), and October RBOB gasoline (RBV25) closed down -0.0370 (-1.86%).

Crude oil and gasoline prices retreated on Tuesday as global crude supply concerns eased after Russia said one of its largest refineries will soon restart after repairs were made following a Ukrainian drone attack.  Gasoline prices were also under pressure as supply concerns eased with the restart of the BP refinery in Whiting, Indiana, the largest inland refinery in the US.  The 115,000 bpd Pipestill unit, which had been shuttered since August 19 due to storms and flooding, has now resumed operations.

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