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Barchart
Barchart
Rich Asplund

Crude Erases Early Gains on Dollar Strength and Energy Demand Concerns

Oil EIA United States Iran

October WTI crude oil (CLV23) on Thursday closed down -0.67 (-0.77%), and Oct RBOB gasoline (RBV23) closed up +2.16 (+0.83%).

Crude oil and gasoline prices Thursday settled mixed, with gasoline posting a 1-1/2 week high.  Crude prices gave up an early advance and moved lower on dollar strength and energy demand concerns.  The dollar index Thursday rallied to a 5-3/4 month high, and global economic news was mostly weaker than expected, signaling reduced energy demand.

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