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Rich Asplund

Crude Prices Retreat on an Unexpected Build in EIA Crude Stocks

EIA Oil United States OPEC

June WTI crude oil (CLM23) on Wednesday closed down -1.15 (-1.56%), and June RBOB gasoline (RBM23) closed up +1.50 (+0.60%).

Crude oil and gasoline prices Wednesday settled mixed, with gasoline climbing to a 1-week high. A weaker dollar Wednesday was supportive of energy prices. Also, signs of strength in fuel demand in India supported crude prices. However, crude prices moved lower after Wednesday's weekly EIA inventory report showed that U.S. crude inventories unexpectedly rose last week.

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