February WTI crude oil (CLG24) this morning is down -0.66 (-0.89%), and Feb RBOB gasoline (RBG24) is down -4.33 (-1.96%).
Crude oil and gasoline prices this morning are moderately lower. Crude prices today are weighed down by negative carryover from Wednesday when the EIA reported an unexpected increase in weekly U.S. oil supplies and record U.S. crude production. Also, concerns about a rift among OPEC members are undercutting crude prices after Angola announced its exit from the group. In addition, today's weak U.S. economic reports signal reduced energy demand and are bearish for oil prices. Losses in crude are contained due to a weaker dollar.
