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Barchart
Barchart
Rich Asplund

Crude Prices Retreat as OPEC Boosts Crude Output

Oil OPEC Vortexa United States

April WTI crude oil (CLJ24) on Monday closed down -1.23 (-1.54%), and Apr RBOB gasoline (RBJ24) closed down -2.87 (-1.10%).

Crude oil and gasoline prices posted moderate losses on Monday.  An increase in OPEC crude production is bearish for oil prices.  Also, doubts about OPEC+ compliance with its crude production cuts are bearish for oil prices.  Ongoing geopolitical risks in the Middle East are a supportive factor for crude oil.  

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