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Barchart
Rich Asplund

Crude Prices Tumble on US Energy Demand Concerns

United States Oil crude oil EIA ADP ISM Vladimir Putin OPEC Russia

January WTI crude oil (CLF25) Wednesday closed down -1.40 (-2.00%), and January RBOB gasoline (RBF25) closed down -0.0233 (-1.19%).

Crude oil and gasoline prices Wednesday gave up an early advance and settled moderately lower.  Weaker than expected US economic news Wednesday on Nov ADP employment and Nov ISM services is negative for energy demand and weighed on crude prices.   Wednesday's rally in the S&P 500 to a new record high supported crude as it shows confidence in the economic outlook supporting energy demand and crude prices.  Wednesday'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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