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Rich Asplund

Crude Finishes Sharply Lower on Gaza Cease-Fire Prospects and Robust EIA Inventories

EIA Oil United States Israel

June WTI crude oil (CLM24) on Wednesday closed down -2.93 (-3.58%), and June RBOB gasoline (RBM24) closed down -11.38 (-4.23%).

Crude and gasoline prices Wednesday tumbled to 1-1/2 month lows and closed sharply lower. Crude prices are under pressure due to the potential for a cease-fire between Israel and Hama, which eases concerns about the escalation of the conflict and possible disruptions to Middle East crude supplies. Losses in crude accelerated Wednesday after weekly EIA crude inventories unexpectedly rose to a 10-month high.

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