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June WTI crude oil (CLM23) on Wednesday closed down -3.06 (-4.27%), and June RBOB gasoline (RBM23) closed down -11.36 (-4.66%).
Crude oil and gasoline prices Wednesday fell sharply for a second session, with crude posting a 5-week low and gasoline posting a 2-1/4 month low. Crude prices are under pressure on concern a slowdown in the global economy would curb energy demand. Crude prices are also falling on concern that tighter monetary policy from the world's central banks will slow economic growth and energy demand. The Fed raised interest rates by 25 bp Wednesday, and the ECB is expected to raise rates by +25 bp on Thursday. Crude prices maintained sharp losses following this Wednesday's mixed EIA inventory report.
