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Barchart
Barchart
Rich Asplund

Crude Prices Sharply Lower on Dollar Strength and Global Energy Demand Concerns

February WTI crude oil (CLG24) on Thursday closed down -2.34 (-3.16%), and Feb RBOB gasoline (RBG24) closed down -6.22 (-2.88%).

Crude oil and gasoline prices on Thursday settled sharply lower, with crude falling to a 1-1/2 week low and gasoline dropping to a 2-week low.   A recovery in the dollar (DXY00) from a 5-month low to higher on-the-day undercut energy prices.  Also, concern about a slowdown in Chinese energy demand weighed on crude prices.   Thursday's weekly EIA inventory report was mixed for crude prices.

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