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Barchart

Rich Asplund

Crude Settles Lower After EIA Crude Inventories Unexpectedly Increase

EIA Oil United States OPEC Iran Israel

Sep WTI crude oil (CLU24) on Wednesday closed down -1.37 (-1.75%), and Sep RBOB gasoline (RBU24) closed down -5.36 (-2.26%).

Crude oil and gasoline prices on Wednesday gave up early gains and posted moderate losses after weekly EIA crude inventories unexpectedly increased. Crude prices Wednesday initially moved higher after the dollar index fell to a 1-week low and as risks remain that a retaliatory attack by Iran against Israel could happen at any time, further escalating Middle East tensions.

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