December WTI crude oil (CLZ23) on Wednesday closed down -0.58 (-0.72%), and Dec RBOB gasoline (RBZ23) closed down -3.18 (-1.43%).
Crude oil and gasoline prices on Wednesday gave up an early rally and closed moderately lower, with crude falling to a 2-month low and gasoline dropping to a 3-week low. Wednesday's rally in the dollar index to a 4-week high weighed on energy prices, as did signs of weakness in manufacturing activity in the U.S. and China. Crude prices Wednesday initially opened higher on geopolitical risks due to concern that an escalation of the Israeli-Hamas conflict could threaten crude supplies from the Middle East. Wednesday's weekly EIA report was mixed for crude prices.
