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Barchart
Rich Asplund

Crude Prices Tumble as IEA Boosts Its Global Oil Surplus Estimate

Oil IEA United States OPEC European Union

October WTI crude oil (CLV25) today is down -1.10 (-1.73%), and October RBOB gasoline (RBV25) is down -0.0372 (-1.85%).

Crude oil and gasoline prices are falling sharply today on concerns about a global crude supply glut after the IEA boosted its 2026 global oil surplus estimate.  Concerns that weakness in the US labor market will crimp economic growth and energy demand are weighing on crude prices after weekly jobless claims unexpectedly rose to a 3.75-year high.  Today's weaker dollar is limiting losses in crude along with the rally in the S&P 500 to a new record high, which shows confidence in the economic outlook that is bullish for energy demand.  

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