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Rich Asplund

Crude Prices Push Higher as OPEC Projects Global Oil Supplies to Tighten Further

Oil OPEC United States EIA Iran

October WTI crude oil (CLV23) on Tuesday closed up +1.55 (+1.78%), and Oct RBOB gasoline (RBV23) closed up +0.92 (+0.34%).

Crude oil and gasoline prices on Tuesday posted moderate gains, with crude climbing to a nearly 10-month high and gasoline posting a 2-week high. Tightness in global oil supplies fueled gains Tuesday after a monthly report from OPEC projected global oil inventories would fall to a 10-year low. Strength in the dollar Tuesday limited the upside in energy prices.

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