January WTI crude oil (CLF25) Wednesday closed down -0.05 (-0.07%), and January RBOB gasoline (RBF25) closed down -0.0201 (-1.03%).
Crude oil and gasoline prices Wednesday settled lower, with gasoline posting a 1-week low. Crude oil was under pressure Wednesday from an easing of geopolitical risks in the Middle East after Israel and Hezbollah agreed to a cease-fire. Losses in crude were limited after the dollar index (DXY00) tumbled to a 2-week low. Also, expectations that OPEC+ will delay planned oil production increases are bullish for crude. Wednesday's weekly EIA inventory report was mixed for crude and products after crude inventories fell more than expected and gasoline supplies unexpectedly increased.
