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Rich Asplund

Crude Closes Lower on Dollar Strength and Energy Demand Concerns

Oil US Federal Reserve OPEC EIA United States

June WTI crude oil (CLM24) on Tuesday closed down -0.54 (-0.68%), and June RBOB gasoline (RBM24) closed down -2.99 (-1.18%).

Crude oil and gasoline prices posted moderate losses on Tuesday for a second day.  A stronger dollar on Tuesday was bearish for energy prices.  Also, Fed comments Tuesday signal policymakers want to keep interest rates higher for longer, which could weigh on economic growth and energy demand.  Fed Governor Waller said he needs to see "several more" months of good inflation figures to begin interest rate cuts.

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