Crude Oil Prices Fall Sharply as Global Supply Risks Ease

August WTI crude oil (CLQ26) on Friday closed down -2.69 (-3.74%), and August RBOB gasoline (RBQ26) closed down -0.0765 (-2.64%).

Crude oil and gasoline prices settled sharply lower on Friday, with crude posting a fresh 4-month low. An acceleration of oil tankers out of the Persian Gulf is boosting global oil supplies and hammering oil prices.

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Crude oil prices are sinking as tanker traffic through the Strait of Hormuz has accelerated, adding millions of barrels to the global market.  According to Bloomberg calculations, crude exports from the Persian Gulf have recovered to at least 75% of pre-war levels, with 13 million bbl leaving the region over the three days through Wednesday.

Crude prices are also being undercut as Saudi Arabian ships are heading to the key Ras Tanura terminal, a sign that the kingdom is set to restart exports from within the Persian G

Fuente original: Yahoo Finance (https://finance.yahoo.com/energy/articles/crude-oil-prices-fall-sharply-191443317.html)