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Barchart
Barchart
Rich Asplund

Crude Prices Settle Lower on Equity Market Weakness

Oil Israel United States Russia Drone Hezbollah OPEC Red Sea Vortexa

March WTI crude oil (CLH24) on Tuesday closed down -1.01 (-1.28%), and Mar RBOB gasoline (RBH24) closed down -5.86 (-2.51%).

Crude oil and gasoline prices on Tuesday gave up overnight gains and posted moderate losses.  Crude fell back from a 3-1/2 month high Tuesday as weakness in stocks undercut economic optimism and was negative for energy demand and crude prices.  Crude initially moved higher Tuesday after the dollar index dropped to a 2-week low.  Also, oil prices have support from concerns about the possible escalation of the Israel-Hamas war to Lebanon and attacks on commercial ships in the Red Sea by Yemen's Houthi rebels.

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