October WTI crude oil prices have dropped by $4.78 (-4.77%) to reach a 1.5-week low, while October RBOB gasoline prices are down by $0.0319 (-0.90%). This decline is attributed to diplomatic efforts aiming to stabilize the situation in the Middle East, along with an increase in crude flows through the Strait of Hormuz, now at a six-month high, as reported by Admiral Brad Cooper of the US Central Command.
Recent data also indicates that Saudi Arabia’s crude exports fell to about 3 million barrels per day (bpd) in August, the lowest level in nine years, as a result of pipeline disruptions and attacks from Houthi rebels. The International Energy Agency (IEA) projects a global oil demand drop, the largest since the COVID-19 pandemic, with an estimated oil deficit now at 1.7 million bpd. Active US oil rig counts have slightly increased to 452 rigs as of September 18.
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