
March WTI crude oil (CLH26) on Thursday closed down -1.79 (-2.77%), and March RBOB gasoline (RBH26) closed down -0.0630 (-3.18%).
Crude oil and gasoline prices sold off sharply on Thursday, with gasoline falling to a 1-week low. The slight easing of US-Iran tensions sparked long liquidation in energy futures. Also, Thursday's retreat in equity markets sparked a risk-off sentiment in asset markets, weighing on crude prices. In addition, mounting crude supplies in floating storage are undercutting oil prices.