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Rich Asplund

Crude Prices Slump on Weak Global Fuel Demand Prospects

Oil OPEC United States EIA

Oct WTI crude oil (CLV24) Wednesday closed down -1.14 (-1.62%), and Oct RBOB gasoline (RBV24) closed down -1.59 (-0.80%).

Crude oil and gasoline prices Wednesday added to Tuesday's sharp losses, with crude falling to an 8-3/4 month low and gasoline falling to a 2-3/4 year nearest-futures low. Weaker-than-expected global economic news weighs global energy demand prospects and crude prices. Crude prices fell Wednesday despite a weaker dollar and signs that OPEC+ may delay a planned crude production increase in response to concern about weak energy demand.

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