July WTI crude oil (CLN25) Wednesday closed down -0.56 (-0.88%), and July RBOB gasoline (RBN25) closed down -0.0448 (-2.16%).
Crude oil prices fell from a 2-week high Wednesday and turned lower after weaker-than-expected US economic reports raised concern about energy demand. Losses in crude accelerated today after Bloomberg reported that Saudi Arabia is open to additional crude production hikes in a bid to increase its market share. Wednesday’s EIA inventory report was mixed as it showed a larger-than-expected draw in crude inventories but showed large increases in gasoline and distillate supplies.
