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Rich Asplund

Crude Prices Move Lower on Dollar Strength and Economic Concerns

Oil United States EIA

June WTI crude oil (CLM23) on Tuesday closed down -1.69 (-2.15%), and June RBOB gasoline (RBM23) closed down -5.17 (-1.98%).

Crude oil and gasoline prices Tuesday retreated, with crude falling to a 3-week low. Dollar strength Tuesday pressured energy prices. Also, concern that a slowdown in the global economy will curb energy demand weighed on crude prices. Crude prices extended their losses after U.S. Apr consumer confidence fell more than expected to a 9-month low.

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