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Rich Asplund

Crude Prices Tumble on Hopes for Resumption of Libyan Oil Exports

Oil Libya EIA United States

Nov WTI crude oil (CLX24) Wednesday closed down -1.87 (-2.61%), and Nov RBOB gasoline (RBX24) closed down -3.13 (-1.56%).

Crude oil and gasoline prices settled sharply lower on Wednesday. A stronger dollar Wednesday weighed on energy prices. Oil prices were also weighed down by concern that Chinese fuel demand will remain stagnant despite government actions to boost stimulus measures. Losses in crude accelerated Wednesday after Libyan factions agreed to nominate a new interim central bank governor, an initial step that could eventually help the country to resume its shuttered oil production. Crude prices retreated Wednesday despite a bullish EIA inventory report.

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