October WTI crude oil (CLV23) on Tuesday closed -0.28 (-0.31%), and Oct RBOB gasoline (RBV23) closed -3.98 (-1.48%).
Oct WTI crude oil prices on Tuesday climbed to a new 10-1/2 month high on the nearest-futures chart, extending the rally seen in the past three months driven by expectations for a tight supply outlook through year-end. However, crude oil prices fell back later in the session on long liquidation pressure and some concern about the global economy. Tuesday's U.S. housing starts report showed a -11.3% decline, and the OECD cut its global 2024 GDP forecast to +2.7% from +3.0%.
