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Barchart

Rich Asplund

Crude Weakens on Ample Supplies and Hopes for Cease-Fire in the Middle East

Oil Middle East EIA United States Israel OPEC

December WTI crude oil (CLZ24) today is down -0.61 (-0.86%), and December RBOB gasoline (RBZ24) is down -0.0175 (-0.87%).

Crude and gasoline prices today gave up an early advance and turned lower. Crude is under pressure on negative carryover from Wednesday when weekly EIA crude inventories rose more than expected. Crude oil prices are also weighed down by renewed efforts to secure a cease-fire to hostilities in the Middle East. Crude today initially moved higher on a weak dollar and stronger than expected global economic news that supports energy demand.

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