Oct WTI crude oil (CLV24) Wednesday closed down -0.28 (-0.39%), and Oct RBOB gasoline (RBV24) closed up +0.88 (+0.44%).
Crude oil and gasoline prices Wednesday settled, with gasoline posting a 2-week high. Crude was under pressure Wednesday on concerns about Chinese energy demand after two Chinese refiners run by Sinochem Group declared bankruptcy due to lackluster demand and poor refining margins. Crude has support on concerns of escalation of hostilities in the Middle East after Lebanon accused Israel of orchestrating an attack that killed several people and wounded nearly 3,000 when their pagers exploded. Crude prices also found support on Wednesday's bullish weekly EIA report. Wednesday's fall in the dollar index (DXY00) to a 14-month low limited losses in crude.
