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Rich Asplund

Crude Prices Strengthen on the Outlook for Tighter Global Supplies

Oil EIA OPEC United States IEA Iran

October WTI crude oil (CLV23) this morning is up +0.23 (+0.26%), and Oct RBOB gasoline (RBV23) is up +0.40 (+0.15%).

Crude oil and gasoline prices this morning are modestly higher, with crude posting a nearly 10-month high. Tightness in global oil supplies is underpinning oil prices after OPEC on Tuesday projected global oil inventories would fall to a 10-year low. Crude prices fell back from their best levels on a mostly bearish weekly EIA inventory report.

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