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Barchart
Barchart
Rich Asplund

Crude Prices Recover after Weekly EIA Inventories Unexpectedly Decline

Oil EIA United States OPEC

April WTI crude oil (CLJ25) today is up +0.06 (+0.09%), and April RBOB gasoline (RBJ25) is down -0.0192 (-0.87%).

Crude oil prices today are mixed, with gasoline falling to a 2-month low.  Economic concerns are weighing on crude prices today after US Jan new home sales fell more than expected.  Crude prices were already on the defensive from Tuesday when the US Feb consumer confidence index dropped to an 8-month low.  Dollar strength today is also bearish for energy prices.  However, crude recovered from a 2-1/4 month low today and moved slightly higher after weekly EIA crude inventories unexpectedly declined.  

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