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Barchart
Barchart
Rich Asplund

Crude Prices Pressured by Weak Global Fuel Demand Prospects

Oil OPEC United States

Oct WTI crude oil (CLV24) today is down -0.26 (-0.37%), and Oct RBOB gasoline (RBV24) is down -0.80 (-0.40%).

Crude oil and gasoline prices today added to Tuesday's sharp losses, with crude falling to an 8-3/4 month low and gasoline falling to a 2-3/4 year nearest-futures low.  Weaker-than-expected global economic news is weighing on global energy demand prospects and crude prices.  However, crude prices recovered from their worst levels due to a weaker dollar and signs that OPEC+ may delay a planned crude production increase in response to concern about weak energy demand.

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