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Rich Asplund

Crude Prices Settle Lower as EIA Crude Inventories Rise to a 10-Month High

Oil EIA United States OPEC Vortexa

July WTI crude oil (CLN25) Wednesday closed down -0.46 (-0.74%) and July RBOB gasoline (RBN25) closed up +0.0003 (+0.01%).

Crude oil prices on Wednesday fell from a 1-month high and turned lower after weekly EIA crude inventories unexpectedly rose to a 10-month high. Crude prices Wednesday initially spiked higher on escalating geopolitical risks in the Middle East after CNN reported that new US intelligence suggests Israel is preparing for a potential strike on Iranian nuclear facilities. Also, Wednesday's slide in the dollar index (DXY00) to a 2-week low supported energy prices.

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