Oct WTI crude oil (CLV24) Wednesday closed down -1.24 (-1.69%), and Oct RBOB gasoline (RBV24) closed down -3.22 (-1.55%).
Crude oil and gasoline prices Wednesday gave up early gains and tumbled to 6-1/2 month lows. US energy demand concerns are undercutting crude prices after the US Bureau of Labor Statistics (BLS) revised US payrolls down more than expected. Also, hopes for a cease-fire deal between Israel and Hamas are taking some risk premium out of crude prices. Crude prices sold off Wednesday despite a fall in the dollar index (DXY00) to a 7-1/2 month low, and after weekly EIA crude inventories fell more than expected to a 6-1/2 month low.
