January WTI crude oil (CLF24) on Wednesday closed up +0.86 (+1.25%), and Jan RBOB gasoline (RBF24) closed up +4.52 (+2.78%).
Crude oil and gasoline prices on Wednesday recovered from early losses and closed moderately higher after weekly EIA crude inventories fell more than expected. A weaker dollar Wednesday also supported gains in crude. Energy prices Wednesday initially extended Tuesday's sharp losses, with crude posting a 5-1/2 month low and gasoline posting a 2-year low as signs of stronger Russian crude exports exacerbated oversupply concerns.
