November WTI crude oil (CLX25) on Tuesday closed down -0.79 (-1.33%), and November RBOB gasoline (RBX25) closed down -0.0152 (-0.82%).
Crude oil and gasoline prices retreated on Tuesday, with crude falling to a 5.25-month low. The escalation of the US-China trade conflict has sparked a risk-off in asset markets that is weighing on crude prices after China sanctioned five US units of South Korean shipbuilder Hanwha Ocean Co., in the latest in a series of tit-for-tat moves as both countries have slapped special port fees on each other's vessels. Crude prices remained lower after the IEA forecast a record global oil glut of 4.0 million bpd for 2026. However, crude prices recovered from their worst level on Tuesday as the dollar weakened.
