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Rich Asplund

Crude Prices Weighed Down by Fears of a Global Supply Glut

Oil OPEC United States EIA Vortexa

July WTI crude oil (CLN25) Thursday closed down -0.37 (-0.60%) and July RBOB gasoline (RBN25) closed down -0.0127 (-0.60%).

Crude oil and gasoline prices on Thursday fell to 1-week lows and settled lower. Thursday's stronger dollar was bearish for energy prices. Also, concerns about a global supply glut of crude oil undercut prices after Bloomberg reported that OPEC+ is considering another increase of +411,000 bpd in crude output when it meets on June 1. In addition, crude has some negative carryover from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high.

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