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Rich Asplund

Crude Oil Retreats on Dollar Strength and Weak Global Economic News

Oil United States EIA

December WTI crude oil (CLZ23) on Tuesday closed down -1.29 (-1.57%), and Dec RBOB gasoline (RBZ23) closed up +0.05 (+0.02%).

Crude oil and gasoline prices Tuesday gave up an early advance and settled mixed, with crude posting a 2-month nearest-futures low. A stronger dollar Tuesday and mostly weaker-than-expected global economic news undercut crude prices. Crude on Tuesday initially moved higher on concerns that the Israeli-Hamas conflict could escalate on reports that Israel is shelling militant targets in Lebanon, which risks widening the conflict to Hezbollah in Lebanon.

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