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Barchart
Rich Asplund

Crude Prices Fall as Weak Demand Boosts Weekly EIA Product Inventories

EIA Oil OPEC United States Red Sea

February WTI crude oil (CLG24) on Thursday closed down -0.51 (-0.70%), and Feb RBOB gasoline (RBG24) closed down -4.80 (-2.22%).

Crude oil and gasoline prices Thursday gave up an early advance and turned lower weekly inventories of crude products unexpectedly rose in Thursday's weekly EIA report, a sign of weak U.S. energy demand.  Crude prices Thursday initially moved higher due to supply disruptions in Libya and heightened geopolitical tensions in the Middle East.  Also, better-than-expected global economic reports Thursday were positive for energy demand and crude prices.

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