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Rich Asplund

DARK SECRETS: Weakness in crude oil persists on oversupply concerns - The Real Truth

Oil OPEC United States Pedro Angola Saudi Arabia Vortexa

January WTI crude oil (CLF24) on Thursday closed down -0.04 (-0.06%), and Jan RBOB gasoline (RBF24) closed down -0.0190 (-1.43%).

Crude oil and gasoline prices on Thursday extended Wednesday's sharp losses, with crude oil falling to a 5-1/4 month low and gasoline falling to a 1-year low. Concern about excess global crude supplies continues to weigh on oil prices. Also, doubts about whether OPEC+ crude production cuts will be adhered to are bearish for prices. Losses in crude Thursday were limited by a weak dollar.

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