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Barchart

Rich Asplund

Crude Prices Edge Lower on Energy Demand Concerns

Oil United States OPEC EIA Iran Ukraine Russia

March WTI crude oil (CLH26) on Tuesday closed down -0.40 (-0.62%), and March RBOB gasoline (RBH26) closed down -0.0263 (-1.32%).

Crude oil and gasoline prices settled lower on Tuesday after US retail sales in December unexpectedly stagnated, a sign of weakness in consumer spending that is bearish for economic growth and energy demand. Losses in crude were limited on Tuesday after the dollar index ($DXY) fell to a 1-week low. Also, US-Iran tensions are adding a risk premium to crude prices.

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