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Barchart
Rich Asplund

Crude Prices Sink as More Oil Supplies Exit Hormuz

Oil United States Saudi Arabia IEA OPEC Iran Strait of Hormuz Drone EIA Vortexa

November WTI crude oil (CLX26) closed down -3.22 (-3.48%) on Tuesday, and November RBOB gasoline (RBX26) closed down -0.0255 (-0.81%).

Crude oil and gasoline prices retreated on Tuesday, with gasoline falling to a 2.5-week low. Crude prices sank Tuesday on signs that a steady flow of crude oil is coming out of the Persian Gulf through the Strait of Hormuz, easing supply concerns. Also, Tuesday’s rally in the dollar index ($DXY) to a 2-month high is bearish for energy prices. Losses in crude oil accelerated on Tuesday after the Trump administration announced that it will release up to 40 million bl of crude from the US Strategic Petroleum Reserve.

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