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Barchart

Rich Asplund

Crude Prices Slip on Dollar Strength and a Build in EIA Inventories

EIA Oil Iran OPEC United States

December WTI crude oil (CLZ24) Wednesday closed down -0.30 (-0.42%), and December RBOB gasoline (RBZ24) closed down -0.0092 (-0.45%).

Crude oil and gasoline prices settled moderately lower on Wednesday. Crude prices Wednesday were under pressure from a stronger dollar after the dollar index (DXY00) surged to a 4-month high. Also, Wednesday's weekly EIA report was negative for crude after crude and gasoline inventories unexpectedly rose. Crude prices recovered from their worst levels Wednesday after the S&P 500 soared to a record high on speculation President-elect Trump's policies will boost economic growth and energy demand.

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