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Barchart
Barchart
Rich Asplund

Crude Prices Fall on an Unexpected Build in Weekly Product Inventories

Oil EIA OPEC United States Red Sea

February WTI crude oil (CLG24) this morning is down -1.51 (-2.08%), and Feb RBOB gasoline (RBG24) is down -6.96 (-3.23%).

Crude oil and gasoline prices this morning gave up an early advance and turned lower after an unexpected build in crude products in today's weekly EIA report, a sign of weak U.S. energy demand.  Crude prices today initially moved higher on carryover from Wednesday on supply disruptions in Libya and heightened geopolitical tensions in the Middle East.  Also, better-than-expected global economic reports today were positive for energy demand and crude prices.

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