Crude Gives up Early Gains on a Hawkish Fed

October WTI crude oil (CLV23) on Wednesday closed down -0.92 (-1.01%), and Oct RBOB gasoline (RBV23) closed down -3.89 (-1.46%).

Oct WTI crude oil and gasoline prices Wednesday gave up early gains and posted moderate losses after the Federal Reserve raised its estimate for interest rates next year, which helped the dollar recover and may keep economic growth and energy demand subdued.  Crude prices Wednesday initially moved higher on a weaker dollar and a bullish weekly EIA inventory report.