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Rich Asplund

Crude Prices Retreat on Energy Demand Concerns

Oil ECB EIA Hezbollah United States Hamas OPEC

December WTI crude oil (CLZ23) on Wednesday closed down -2.04 (-2.64%), and Dec RBOB gasoline (RBZ23) closed down -0.0392 (-1.81%).

Crude oil and gasoline prices Wednesday extended Tuesday's sharp losses, with crude falling to a 3-1/2 month low and gasoline dropping to a 10-1/2 month low. A weaker demand outlook has fueled fund selling in crude as recent economic news shows weakness in China's economy. Also, crude is under pressure as hawkish central bank comments curbed speculation central banks were done raising interest rates.

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