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Barchart

Rich Asplund

Crude Prices Slide as Supply Concerns and Middle East Risks Ease

Oil Middle East EIA United States Israel

December WTI crude oil (CLZ24) Thursday closed down -0.58 (-0.82%), and December RBOB gasoline (RBZ24) closed down -0.0118 (-0.59%).

Crude and gasoline prices Thursday gave up an early advance and settled moderately lower. Crude is under pressure on negative carryover from Wednesday when weekly EIA crude inventories rose more than expected. Crude oil prices are also weighed down by renewed efforts to secure a cease-fire to hostilities in the Middle East. Crude prices Thursday initially moved higher on a weak dollar and stronger-than-expected global economic news that supports energy demand.

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