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Rich Asplund

Crude Prices Sharply Lower on Prospects of Larger Global Oil Supplies

Oil OPEC United States

November WTI crude oil (CLX25) on Monday closed down -2.27 (-3.45%), and November RBOB gasoline (RBX25) closed down -0.0471 (-2.37%).

Crude oil and gasoline prices fell sharply on Monday due to the outlook for OPEC+ to increase its crude production levels for November, which is expected to boost global oil supplies.  Bloomberg reported Monday that OPEC+ at its online meeting on October 5 is considering raising its crude output level by +137,000 bpd, starting November 1.

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