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Barchart

Rich Asplund

Crude Prices Fall on Ample U.S. Oil Supplies

Oil EIA United States

July WTI crude oil (CLN23) on Wednesday closed down -1.15 (-1.66%), and July RBOB gasoline (RBN23) closed down -0.33 (-0.13%).

Crude oil and gasoline prices Wednesday settled lower. Crude prices gave up an early advance and moved moderately lower after an unexpected build in weekly EIA crude inventories. Crude prices Wednesday morning initially moved higher after the dollar index fell to a 4-week low and after the S&P 500 rallied to a 13-3/4 month high, which shows confidence in the economic outlook that is supportive for energy demand.

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