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Barchart
Barchart
Rich Asplund

Crude Plunges on Dollar Strength and a Weak Global Energy Demand Outlook

Oil US Federal Reserve Hezbollah United States Hamas OPEC

December WTI crude oil (CLZ23) on Tuesday closed down -3.45 (-4.27%), and Dec RBOB gasoline (RBZ23) closed down -0.0682 (-3.05%).

Crude oil and gasoline prices Tuesday sold off sharply, with crude dropping to a 3-1/2 month low and gasoline sliding to a 4-week low.  A stronger dollar on Tuesday was bearish for energy prices.  Also, a weaker demand outlook sparked fund selling in crude after China's Oct exports fell more than expected, and after hawkish Fed comments curbed speculation the Fed was done raising interest rates.  

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