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Barchart
Barchart
Rich Asplund

Crude Prices Fall Back on Demand Concerns

Oil EIA crude oil United States

May WTI crude oil (CLK23) on Wednesday closed down -1.70 (-2.10%), and May RBOB gasoline (RBJ23) closed down -10.54 (-3.83%).  

Crude oil and gasoline prices Wednesday retreated and posted 2-1/2 week lows.  A stronger dollar Wednesday was bearish for energy prices.  Also, uncertainty over energy demand weighed on crude prices after Wednesday's Fed Beige Book said that "overall economic activity was little changed," with consumer spending generally flat to slightly down.  Energy prices recovered from their worst levels after weekly EIA crude inventories fell more than expected.  

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