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Barchart
Barchart
Rich Asplund

Crude Prices Slip as Supply Fears Ease

Oil United States IEA OPEC Saudi Arabia Israel Red Sea Drone Iran Middle East

October WTI crude oil (CLV26) closed down -0.52 (-0.51%) on Thursday, and October RBOB gasoline (RBV26) closed up +0.0223 (+0.64%).

Crude oil and gasoline prices settled mixed on Thursday, with gasoline climbing to a 1.75-month nearest-futures high. Crude prices fell on Thursday amid signs that supply disruptions in the Middle East are set to ease, potentially boosting global oil supplies. However, gasoline prices rose on Thursday after Goldman Sachs said that gasoline supplies are set to tighten as refiners switch output from gasoline to diesel due to record-high diesel prices.

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