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Barchart
Barchart
Rich Asplund

Crude Closes Lower as EIA Inventories Expand

Nov WTI crude oil (CLX24) Wednesday closed down -0.33 (-0.45%), and Nov RBOB gasoline (RBX24) closed down -0.17 (-0.08%).

Crude oil and gasoline prices on Wednesday settled moderately lower.  Wednesday's rally in the dollar index (DXY00) to a 1-3/4 month high was bearish for energy prices.  Also, Wednesday's larger-than-expected build-in weekly EIA crude inventories undercut oil prices.  Losses in crude oil were limited due to concerns about the escalation of Middle Eastern hostilities that could disrupt Middle Eastern crude supplies.  

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