January WTI crude oil (CLF26) on Tuesday closed down -1.55 (-2.73%), and January RBOB gasoline (RBF26) closed down -0.0514 (-2.97%).
Crude oil and gasoline prices sold off on Tuesday, falling to 4.75-year nearest-futures lows. Concerns about global energy demand and expectations for a worldwide oil glut are weighing on crude prices. Also, Tuesday's decline in the S&P 500 to a 3-week low dampens optimism about the economic outlook, which is negative for energy demand. In addition, the potential for a Russian-Ukrainian ceasefire reduces geopolitical risks and is negative for crude prices.
