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Barchart
Rich Asplund

Crude Prices Fall on an Unexpected Build in Weekly EIA Inventories

EIA Oil OPEC Red Sea United States

February WTI crude oil (CLG24) on Wednesday closed down -0.87 (-1.20%), and Feb RBOB gasoline (RBG24) closed down -0.95 (-0.46%).

Crude oil and gasoline prices Wednesday erased an early rally and closed moderately lower.  Crude prices retreated after weekly EIA crude inventories unexpectedly rose, and gasoline and distillate supplies rose more than expected, indicating weak energy demand.  Crude prices Wednesday initially jumped after Houthi rebels carried out one of their largest missile and drone attacks on commercial shipping lanes in the Red Sea, potentially disrupting global crude supplies.

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