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Rich Asplund

Crude Prices Retreat on Chinese Growth Concerns

Oil EIA United States China Russia Barclays Iran JPMorgan Chase Vortexa

September WTI crude oil (CLU23) on Wednesday closed down -1.61 (-1.99%), and Sep RBOB gasoline (RBU23) closed up +1.95 (+0.68%).

Crude oil and gasoline prices Wednesday settled mixed, with crude falling to a 1-1/2 week low. A stronger dollar Wednesday weighed on energy prices, as did the decline in the S&P 500 to a 5-week low. Also, crude is under pressure on concerns about China's economic growth after JPMorgan Chase and Barclays cut their 2023 growth estimates for China. Crude prices retreated Wednesday despite weekly EIA crude inventories falling more than expected.

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