**Crude Oil and Gasoline Prices Update – October 2023**
On Wednesday, October WTI crude oil closed at $79.09 per barrel, down 0.16%, marking a 1.5-week low. In contrast, October RBOB gasoline rose by 1.05%, closing at $2.97 per gallon. This week, crude prices have dropped over 8%, influenced by discussions between Iranian and Omani officials regarding a potential “temporary joint maritime corridor” to facilitate shipping through the Strait of Hormuz. Significant developments included approximately 40 tankers transporting 16 million barrels of crude last Friday.
The U.S. Energy Information Administration (EIA) reported an increase of 95,000 barrels in crude oil inventories against expectations of 1.58 million barrels. Notably, gasoline stocks fell by 2.5 million barrels, reaching a 9-month low, while distillate stockpiles decreased by 2.2 million barrels. U.S. crude oil production rose by 0.1% to 13.843 million barrels per day.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
