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Rich Asplund

Crude Prices Tumble as Weekly EIA Crude Inventories Surge

Oil EIA United States Red Sea Drone Hamas OPEC Russia Vortexa

March WTI crude oil (CLH24) on Wednesday closed down -1.23 (-1.58%), and Mar RBOB gasoline (RBH24) closed down -7.77 (-3.24%).

Crude oil and gasoline prices on Wednesday gave up early gains and settled sharply lower, with crude falling back from a 2-week high. Crude prices turned lower after weekly EIA crude inventories rose more than expected. Crude prices Wednesday initially moved higher on a weaker dollar and Middle Eastern geopolitical risks with the ongoing war in Gaza and continued attacks on commercial shipping in the Red Sea by Houthi militants.

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