June WTI crude oil (CLM25) Wednesday closed down -1.02 (-1.73%), and June RBOB gasoline (RBM25) closed down -0.0367 (-1.78%).
Crude oil and gasoline prices on Wednesday gave up an early advance and posted moderate losses due to the dollar's strength and an easing of geopolitical tensions in the Middle East. Crude prices initially moved higher on Wednesday in hopes of easing trade tensions after the US and China agreed to meet for trade talks this weekend. Also, Wednesday's action by the PBOC to cut interest rates and the reserve requirement ratio for banks was supportive of economic growth and energy demand in China, the world's second-largest crude consumer. Wednesday's weekly EIA inventory report was mixed as crude inventories fell more than expected, but gasoline supplies unexpectedly rose.
