August WTI crude oil (CLQ24) today is down -0.17 (-0.21%), and Aug RBOB gasoline (RBQ24) is down -0.43 (-0.17%).
Crude oil and gasoline prices today gave up an early advance and turned lower. A stronger dollar today is negative for energy prices. Crude prices turned lower after stocks erased an early rally and retreated, which undercuts confidence in the economic outlook and energy demand. Crude prices today initially moved higher as wildfires in Canada threatened to cut 400,000 bpd of oil production. Crude also has carryover support from Wednesday when the EIA reported crude inventories fell more than expected to a 5-month low.
