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Barchart
Barchart
Rich Asplund

Crude Prices Retreat on Technical Selling

Oil OPEC EIA United States Vortexa IEA Red Sea Russia

April WTI crude oil (CLJ24) on Wednesday closed down -1.79 (-2.14%), and Apr RBOB gasoline (RBJ24) closed down -2.90 (-1.05%).

Crude oil and gasoline prices posted moderate losses on Wednesday.  An early rally in the dollar index Wednesday to a 2-1/2 week high pressured energy prices.  Also, technical selling weighed on crude as prices neared overbought levels on Tuesday after climbing to a 4-1/2 month high.  Wednesday's weekly EIA report was mixed for crude and products.  

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