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Barchart

Rich Asplund

Crude Settles Higher as Weekly EIA Inventories Plunge

Oil EIA United States Russia Iran Vortexa

October WTI crude oil (CLV23) on Wednesday closed up +0.47 (+0.58%), and Oct RBOB gasoline (RBV23) closed up +1.06 (+0.41%).

Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 2-week high. A slump in the dollar index (DXY00) Wednesday to a 2-week low was bullish for energy prices. Crude jumped to its high after weekly EIA crude inventories fell more than expected to an 8-month low. Gains in crude were limited after Wednesday's weaker-than-expected U.S. economic news raised concerns that the U.S. economy was slowing, a bearish factor for energy demand.

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