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Barchart
Barchart
Rich Asplund

Crude Tumbles as the IEA Projects a Global Crude Surplus Next Year

Oil IEA United States OPEC Vladimir Putin China Russia

January WTI crude oil (CLF25) today is down -0.92 (-1.31%), and January RBOB gasoline (RBF25) is down -0.0239 (-1.20%).

Crude oil and gasoline prices today fell back from 2-1/2 week highs and are moderately lower.  Today's rally in the dollar index (DXY00) to a 2-week high is weighing on energy prices.  Also, today's monthly report from the International Energy Agency (IEA) was bearish for crude as the IEA projects a global oil glut next year.

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