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Barchart
Barchart
Rich Asplund

Crude Prices Sink on Concerns About a Global Oil Glut

Oil United States OPEC Vortexa

June WTI crude oil (CLM25) today is down -1.78 (-3.05%), and June RBOB gasoline (RBM25) is down -0.0327 (-1.62%).

Crude oil and gasoline prices today are sharply lower, with crude falling to a 3-1/2 week low and gasoline dropping to a 3-week low.  Concern about a global crude oil supply glut is weighing on oil prices today after OPEC+ agreed to raise crude production and Saudi Arabia signaled that further increases are coming.  Today's weaker dollar and signs of strength in the US service sector are limiting losses in crude.

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