Nov WTI crude oil (CLX24) today is down -3.96 (-5.13%), and Nov RBOB gasoline (RBX24) is down -10.48 (-4.87%). Crude oil and gasoline prices today gave up an early advance and sold off sharply after China refrained from adding new stimulus measures. Also, an increase in Libyan crude production is weighing on crude. Crude oil prices tumbled today after China's National Development and Reform Commission, the country’s economic planning agency, failed to announce any new large stimulus measures following today’s meeting, which sparked long liquidation in crude. A bearish factor for crude oil is ramped-up crude output in Libya after the resolution of a political standoff that had curbed the country's crude production and exports.

Source: Libya Today October 08, 2024 18:06 UTC