January WTI crude oil (CLF24) this morning is down -2.79 (-3.86%), and Jan RBOB gasoline (RBF24) is down -0.0780 (-3.70%).
Crude oil and gasoline prices this morning are sharply lower, with crude falling to a 5-month low and gasoline tumbling to a 1-year low. Concern about excess global crude supplies is weighing on prices. Also, doubts about whether OPEC+ crude production cuts will be adhered to are bearish for prices. Crude prices fell further this morning despite a larger-than-expected draw in weekly EIA crude inventories, as gasoline and distillate supplies rose more than expected.
