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Barchart
Barchart
Rich Asplund

Crude Gives Up Early Gains on Global Energy Demand Concerns

February WTI crude oil (CLG24) this morning is down -0.92 (-1.28%), and Feb RBOB gasoline (RBG24) is down -0.93 (-0.44%).

Crude oil and gasoline prices this morning gave up an early advance and turned lower, with crude falling to a 3-week low.  Today's rally in the dollar index to a 1-week high is bearish for energy prices.  Also, concerns about global energy demand are weighing on prices after U.S. and Chinese economic news disappointed.  Crude prices today initially moved higher on the escalation of Middle East tensions after Iran dispatched a warship into the Red Sea after the U.S. Navy said it was fired upon when responding to a distress call from a vessel in the Red Sea.  

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