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Rich Asplund

EXPLAINED: Crude oil prices fall due to ongoing concerns about a glut | Vintage Vibes

Oil United States Vortexa Russia

December WTI crude oil (CLZ25) today is down -1.30 (-2.12%), and December RBOB gasoline (RBZ25) is down -0.067 (-0.89%).

Crude oil prices are trading lower amid continued concern about a global oil surplus. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose by +12% w/w to 89.75 million bbls in the week ended October 24. Notably, the IEA on October 14 forecasted a record global oil surplus of 4.0 million bpd for 2026.

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