January WTI crude oil (CLF24) on Tuesday closed down -0.72 (-0.99%), and Jan RBOB gasoline (RBF24) closed down -0.0239 (-1.12%).
Crude oil and gasoline prices Tuesday gave up early gains and moved lower, with crude falling to a 3-week low. Ramped-up U.S. crude exports are weighing on oil prices. Also, Tuesday's rally in the dollar index (DXY00) to a 1-1/2 week high was bearish for crude. In addition, Tuesday's action by Saudi Arabia to cut its official crude selling prices to Asian customers for January delivery is negative for crude. Crude price Tuesday initially moved higher after Russian Deputy Prime Minister Novak said OPEC+ could take further measures if last week's production cuts fail to balance the oil market.
