December WTI crude oil (CLZ23) this morning is down -1.43 (-1.85%), and Dec RBOB gasoline (RBZ23) is down -0.0227 (-1.05%).
Crude oil and gasoline prices this morning extended Tuesday's sharp losses, with crude falling to a 3-1/2 month low and gasoline dropping to a 10-1/2 month low. A weaker demand outlook has fueled fund selling in crude as recent economic news shows weakness in China's economy. Also, crude is under pressure as hawkish central bank comments today curbed speculation central banks were done raising interest rates.
