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Rich Asplund

Crude Posts Moderate Losses as EIA Inventories Increase More Than Expected

EIA Oil United States

December WTI crude oil (CLZ23) on Wednesday closed down -1.60 (-2.04%), and Dec RBOB gasoline (RBZ23) closed down -0.0210 (-0.94%).

Crude oil and gasoline prices Wednesday settled moderately lower. A stronger dollar Wednesday weighed on energy prices. Crude prices extended their losses after Wednesday's weekly EIA report showed crude inventories rose more than expected. Losses in crude were limited by signs of strength in China's economy after China's Oct industrial production rose more than expected. Also, Wednesday's rally in the S&P 500 rose to a 2-1/2 month high increases confidence in the economic outlook that supports energy demand and crude prices.

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