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Rich Asplund

Economic Concerns Weigh on Crude Prices

Oil EIA United States China Economy

May WTI crude oil (CLK23) on Wednesday closed down -0.23 (-0.31%), and May RBOB gasoline (RBJ23) closed down -4.32 (-1.61%).

Crude oil and gasoline prices Wednesday fell back from 2-week highs and posted moderate losses on concern about a slowing economy. Weekly EIA distillate stockpiles unexpectedly declined, which signaled lackluster diesel demand and weakness in trucking and manufacturing demand, signs of a slowing economy. A stronger dollar Wednesday also weighed on energy prices. Crude prices Wednesday initially rose to a 2-week high after weekly EIA crude inventories unexpectedly declined.

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