June WTI crude oil (CLM23) on Wednesday closed down -2.77 (-3.59%), and June RBOB gasoline (RBM23) closed down -4.58 (-1.79%).
Crude oil and gasoline prices Wednesday sold off sharply, with crude falling to a 3-1/2 week low and gasoline tumbling to a 5-week low. Energy prices are under pressure on concern that the lingering U.S. banking turmoil will drag down the economy and energy demand. Crude prices Wednesday briefly recovered their losses and moved higher after weekly EIA crude and gasoline inventories fell more than expected. Also, Wednesday's decline in the dollar index to a 1-1/2 week low is bullish for energy prices.
