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Rich Asplund

Crude Prices Weighed Down by Economic Concerns

Oil EIA OPEC United States

April WTI crude oil (CLJ25) Wednesday closed down -0.31 (-0.45%), and April RBOB gasoline (RBJ25) closed down -0.0232 (-1.05%).

Crude oil prices Wednesday settled moderately lower, with crude falling to a 2-1/4 month low and gasoline sliding to a 2-month low. Economic concerns weighed on crude prices Wednesday after US Jan new home sales fell more than expected. Crude prices were already on the defensive from Tuesday when the US Feb consumer confidence index dropped to an 8-month low. Dollar strength Wednesday was also bearish for energy prices. However, crude recovered from its worst levels Wednesday after weekly EIA crude inventories unexpectedly declined.

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