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Barchart
Barchart
Rich Asplund

Crude Prices Retreat on Fears of a Global Supply Glut

Oil OPEC IEA United States European Union

October WTI crude oil (CLV25) on Thursday closed down -1.30 (-2.04%), and October RBOB gasoline (RBV25) closed down -0.0287 (-1.43%).

Crude oil and gasoline prices fell sharply on Thursday due to concerns about a global crude supply glut after the IEA boosted its 2026 global oil surplus estimate.  Concerns that weakness in the US labor market will crimp economic growth and energy demand also weighed on crude prices after weekly jobless claims unexpectedly rose to a 3.75-year high.  Thursday's weaker dollar limited losses in crude, along with the rally in the S&P 500 to a new record high, which shows confidence in the economic outlook that is bullish for energy demand.  

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