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Rich Asplund

Crude Prices Fall on EIA Crude Build and US Proposals to End Ukraine War

Oil EIA United States Ukraine Donald Trump OPEC Vladimir Putin China

March WTI crude oil (CLH25) Wednesday closed down -1.95 (-2.06%), and March RBOB gasoline (RBH25) closed down -0.0577 (-2.69%).

Crude oil and gasoline prices posted moderate losses on Wednesday. Wednesday's rally in the dollar index (DXY00) to a 1-week high weighed on energy prices. Also, Wednesday's fall in the S&P 500 to a 1-week low undercuts confidence in the economic outlook and energy demand. Crude prices extended their losses Wednesday after weekly EIA crude inventories rose more than expected and after President Trump said he spoke with Russian President Putin and agreed to begin talks on ending the war in Ukraine.

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