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Barchart
Barchart
Rich Asplund

Crude Prices Tumble as EIA Crude Inventories Build

EIA Oil United States OPEC Russia

December WTI crude oil (CLZ25) on Wednesday closed down -0.96 (-1.59%), and December RBOB gasoline (RBZ25) closed down -0.0135 (-0.70%).

Crude oil and gasoline prices gave up an early advance on Wednesday and moved lower, with crude dropping to a 2-week low.  Crude prices retreated on Wednesday after weekly EIA crude supplies unexpectedly increased.  Also, Wednesday's rally in the dollar index (DXY00) to a 5.25-month high is bearish for energy prices.  Losses in crude were limited due to Wednesday's better-than-expected global economic news, which is supportive of energy demand.  Gasoline also found support after EIA gasoline inventories tumbled to an 11-year low.

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