July WTI crude oil (CLN24) Wednesday closed down -0.60 (-0.75%), and July RBOB gasoline (RBN24) closed down -4.19 (-1.67%).
Crude oil and gasoline prices Wednesday gave up an early advance and turned lower, with crude falling from a 1-month high. A stronger dollar on Wednesday weighed on energy prices. Also, Wednesday's stock weakness undercuts confidence in the economic outlook and is bearish for energy demand and crude prices. Heightened geopolitical tensions in the Middle East that could lead to disruptions of crude supplies are limiting losses in crude after a second ship was hit by missiles in as many days by Houthi rebels while sailing through the Red Sea.
