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Barchart
Barchart
Rich Asplund

Crude Prices Slip as Weak U.S. Economic News Weighs on Energy Demand Prospects

Oil United States Drone OPEC Red Sea Russia Vortexa

April WTI crude oil (CLJ24) on Thursday closed down -0.28 (-0.36%), and Apr RBOB gasoline (RBJ24) closed up +2.98 (+1.17%).

Crude oil and gasoline prices on Thursday settled mixed.  Crude prices gave up an early advance Thursday and turned lower as the dollar strengthened and weaker-than-expected U.S. economic news weighed on energy demand prospects.  On Thursday, crude oil initially moved higher on expectations that OPEC+ next week would extend its roughly 2 million bpd of crude production cuts beyond March.  Also, the ongoing attacks by Houthi rebels on commercial shipping in the Red Sea have disrupted Middle Eastern crude supplies and strengthened the U.S. physical oil markets as foreign buyers turn to U.S. crude supplies to avoid shipping issues.

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