Get all your news in one place.
100's of premium titles.
One app.
Start reading
Barchart
Barchart
Rich Asplund

Crude Prices Sink on Global Oversupply Worries

Oil OPEC EIA United States Pedro Angola Saudi Arabia Vortexa

January WTI crude oil (CLF24) on Wednesday closed down -2.94 (-4.07%), and Jan RBOB gasoline (RBF24) closed down -0.0801 (-3.80%).

Crude oil and gasoline prices on Wednesday sold off sharply, with crude falling to a 5-month low and gasoline tumbling to a 1-year low.  Concern about excess global crude supplies is weighing on prices.  Also, doubts about whether OPEC+ crude production cuts will be adhered to are bearish for prices.  Crude prices fell Wednesday despite a larger-than-expected draw in weekly EIA crude inventories, as gasoline and distillate supplies rose more than expected.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
'He Can't Stand Being Alone': Fans Question Dan Reynolds' Sofía Vergara Sighting Weeks After Minka Kelly Split
Dan Reynolds and Sofía Vergara have sparked dating speculation after being photographed holding hands at dinner, weeks after Reynolds' separation from Minka Kelly became public.
International Business Times UK
International Business Times UK
Texas Roadhouse steak complaint: Illinois man warns customers after getting $20 steak instead of $30 filet mignon
An Illinois man named Kenneth Card claims Texas Roadhouse served him cheaper sirloin instead of the $30 filet mignon he ordered on three visits. An eight-ounce sirloin was listed at around $20, while the filet mignon cost approximately $30. A restaurant spokesperson confirmed that one mix-up had been corrected at…
The Economic Times
The Economic Times
Brad Pitt Reveals What Got Him Through His 'Darker Days' After Angelina Jolie Divorce Battle
Pitt and Jolie reached a divorce settlement in December 2024 after more than eight years of legal proceedings
International Business Times UK
International Business Times UK
This recipe for a kimchi seafood pot keeps Esther Choi’s mom coming back for more
Chef Esther Choi says her recipe for Kimchi Seafood Pot is one of her mother's favorites and is part of her Korean Italian American repertoire
The Independent UK
The Independent UK
Wombat Cube Poop Carries a Personal Chemical Signature, and Neighbors Linger Over a Stranger's Pile
Wombat droppings carry individual chemical signatures, and wild wombats spend extra time sniffing latrines holding a stranger's scat, a study finds.
Medical Daily
Medical Daily
AI chatbots can be a valuable health resource for older adults – if they embrace ‘informed skepticism’
It’s easy to stereotype older adults as tech-averse or novice tech users. Yet a growing number of adults age 60 and older are embracing artificial intelligence, using it for entertainment, planning trips and even accessing health information.
The Conversation
The Conversation
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play