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Barchart
Barchart
Rich Asplund

Crude Tumbles on Energy Demand Concerns and Dollar Strength

Oil crude oil United States Russia Vortexa

September WTI crude oil (CLU23) on Thursday closed down -1.58 (-1.87%), and Sep RBOB gasoline (RBU23) closed down -2.37 (-0.81%).

Crude oil and gasoline prices Thursday gave up an early advance and closed moderately lower.  Crude fell back from an 8-3/4 month high posted in overnight trade and moved lower as funds liquidated long positions on signs of a slowdown in the U.S. economy after weekly jobless claims rose to a 5-week high.  Losses in crude accelerated after the dollar (DXY00) recovered from early losses and moved higher.

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