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Barchart
Barchart
Rich Asplund

Crude Oil Prices Fall Sharply on Energy Demand Concerns and Over-Supply Fears

April WTI crude oil (CLJ25) Wednesday closed down -1.95 (-2.86%), and April RBOB gasoline (RBJ25) closed down -0.0572 (-2.61%).

Crude oil and gasoline prices retreated Wednesday, with crude falling to a 1-3/4 year low.  Crude oil prices are under pressure as US tariff uncertainty weighs on the outlook for energy demand.  Also, OPEC+ said on Monday that it plans to restart some halted crude production in April.  Crude oil prices dropped to their lows Wednesday after weekly EIA crude inventories rose more than expected to a 7-month high.  Crude prices Wednesday had underlying support from the plunge in the dollar index (DXY00) by more than -1% to a 3-3/4 month low.  

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