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Rich Asplund

Crude Tumbles as China Holds Back from Adding Stimulus Measures

Oil United States China crude oil Libya Iran

Nov WTI crude oil (CLX24) today is down -3.96 (-5.13%), and Nov RBOB gasoline (RBX24) is down -10.48 (-4.87%).

Crude oil and gasoline prices today gave up an early advance and sold off sharply after China refrained from adding new stimulus measures. Also, an increase in Libyan crude production is weighing on crude. Crude prices today initially moved higher on concern about the escalation of Middle East hostilities when Israel's Defense Forces said a fourth division is being deployed into Lebanon to expand ground operations against Hezbollah.

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