January WTI crude oil (CLF26) on Wednesday closed up +0.21 (+0.36%), and January RBOB gasoline (RBF26) closed down -0.0082 (-0.46%).
Crude oil and gasoline prices extended this week's losses on Wednesday, with crude posting a 2-week low and gasoline slumping to a 4.75-year nearest-futures low. However, crude oil erased its losses and rallied on Wednesday afternoon after US forces intercepted and seized a sanctioned oil tanker off the coast of Venezuela. The seizure may make it more difficult for Venezuela to export its oil, as other shippers are now likely to be more reluctant to load cargoes from Venezuela.
