February WTI crude oil (CLG26) on Thursday closed down -2.83 (-4.56%), and February RBOB gasoline (RBG26) closed down -0.0466 (-2.55%).
Crude oil and gasoline prices sold off sharply on Thursday as geopolitical risks in Iran temporarily eased. President Trump signaled he may hold off on attacking Iran for now, after the country pledged not to execute protesters. Also, Thursday's rally in the dollar index (DXY00) to a 6-week high is bearish for energy prices. In addition, crude prices have some negative carryover from Wednesday's weekly EIA inventory report, which showed a jump in crude and gasoline supplies.
