January WTI crude oil (CLF26) today is down -1.63 (-2.87%), and January RBOB gasoline (RBF26) is down -0.0506 (-2.92%).
Crude oil and gasoline prices are selling off today, falling to 4.75-year nearest-futures lows. Concerns about global energy demand and expectations for a worldwide oil glut are weighing on crude prices. Also, today's decline in the S&P 500 to a 2.5-week low dampens optimism about the economic outlook, which is negative for energy demand. In addition, the potential for a Russian-Ukrainian ceasefire reduces geopolitical risks and is negative for crude prices.
