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Barchart
Barchart
Rich Asplund

Crude Slightly Lower After Large Build in EIA Crude Inventories

May WTI crude oil (CLK24) this morning is down -0.28 (-0.33%), and May RBOB gasoline (RBK24) is down -0.77 (-0.28%).

Crude and gasoline prices this morning are mildly lower, with crude falling to a 1-week low.  Crude prices today gave up an early advance and turned lower after the dollar index soared to a 4-3/4 month high.  Also, today's slump in the S&P 500 to a 3-week low undercuts confidence in the economic outlook, which is bearish for energy demand and crude prices.  Crude oil maintained moderate losses after weekly EIA crude inventories rose more than expected to a 9-month high.  

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