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Barchart
Rich Asplund

Crude Prices Slip on Global Energy Demand Concerns

Oil United States Iran

October WTI crude oil (CLV23) this morning is down -0.18 (-0.21%), and Oct RBOB gasoline (RBV23) is up +2.75 (+1.045%).

Crude oil and gasoline prices this morning are mixed, with gasoline posting a 2-week high.  Crude fell back from a 9-3/4 month high today on global energy demand concerns after the European Commission cut its 2023 Eurozone GDP forecast to +0.8% from +1.1%.  On the bullish side, a weaker dollar today is supportive of energy prices.  Also, crude has carryover support from last Tuesday when Saudi Arabia and Russia announced that they would extend their respective crude production cuts until the end of the year.  

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