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Rich Asplund

Crude Rallies as OPEC Projects Global Oil Supplies to Tighten Further

Oil OPEC United States Iran

October WTI crude oil (CLV23) this morning is up +1.73 (+1.98%), and Oct RBOB gasoline (RBV23) is up +1.67 (+0.61%).

Crude oil and gasoline prices this morning are moderately higher, with crude climbing to a nearly 10-month high and gasoline posting a 2-week high.  Tightness in global oil supplies is fueling gains today after a monthly report from OPEC projected global oil inventories would fall to a 10-year low.  Strength in the dollar today is limiting the upside in energy prices.

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