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Barchart
Rich Asplund

Crude Sharply Lower on Global Demand Concerns and Possible Resumption of Libyan Supplies

Oil Libya United States OPEC

Oct WTI crude oil (CLV24) Tuesday closed down -3.21 (-4.36%), and Oct RBOB gasoline (RBV24) closed down -11.55 (-5.52%).

Crude oil and gasoline prices plunged Tuesday, with crude falling to an 8-month low and gasoline falling to a 2-3/4 year nearest-futures low.  Tuesday's rally in the dollar index to a 2-week high is bearish for energy prices.  Also, global energy demand concerns weighed on crude prices after Chinese and US manufacturing activity contracted more than expected.  Losses in crude oil accelerated Tuesday after a Libyan central banker said that a deal appears imminent to resume the country's crude oil production.

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