Crude oil and gasoline prices are trading lower today after the weekly EIA inventory report showed a surge in US crude oil inventories. September WTI crude oil is down 0.19, or 0.23 percent, and September RBOB gasoline is down 0.0276, or 0.88 percent. US crude inventories rose by 17.4 million barrels, the largest increase in more than three years, mainly due to a sharp drop in US crude oil exports. Gasoline inventories fell by 968,000 barrels, slightly less than the expected 1.15 million barrel decline. The International Energy Agency said in its monthly report that the global oil supply deficit will worsen, with global oil inventories falling in the third quarter at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.
