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Barchart

Rich Asplund

Crude Gives Up Early Gains as Weekly EIA Inventories Unexpectedly Increase

EIA Oil Ukraine United States Russia United Kingdom Vladimir Putin

December WTI crude oil (CLZ24) Wednesday closed down -0.52 (-0.75%), and December RBOB gasoline (RBZ24) closed up +0.0081 (+0.40%).

Crude oil and gasoline prices Wednesday settled mixed, with gasoline posting a 1-month high. Escalation of the Ukraine-Russian war is a bullish factor for crude prices after Ukraine fired British cruise missiles at military targets in Russia for the first time. However, crude prices fell back from a 1-week high and moved lower as the dollar rallied and after weekly EIA crude inventories unexpectedly increased.

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