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Barchart
Barchart
Rich Asplund

Crude Prices Slip on Weak US Economic News

Oil United States EIA ADP Vladimir Putin OPEC Russia

January WTI crude oil (CLF25) today is down -0.41 (-0.59%), and January RBOB gasoline (RBF25) is up +0.0017 (+0029%).

Crude oil and gasoline prices today are mixed.  Softer than expected US economic news today on Nov ADP employment and Nov ISM services is negative for energy demand and is weighing on crude prices.   Today's weaker dollar is limiting losses in crude.  Also, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook that supports energy demand and crude prices.  Today's weekly EIA report was mixed for crude and products after crude inventories fell more than expected, but gasoline and distillate stockpiles unexpectedly rose.

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