December WTI crude oil (CLZ25) on Wednesday closed down -2.55 (-4.18%), and December RBOB gasoline (RBZ25) closed down -0.0566 (-2.81%).
Crude oil and gasoline prices sold off sharply on Wednesday, with crude falling to a 3-week low. Signs of global supply glut hammered crude prices on Wednesday after OPEC said a global crude surplus arrived sooner than expected. Dollar strength on Wednesday was also negative for energy prices. Crude prices extended their losses on Wednesday when the EIA raised its 2025 US crude production estimate to 13.59 million bpd from last month's estimate of 13.53 million bpd.
