February WTI crude oil (CLG24) on Tuesday closed down -1.27 (-1.77%), and Feb RBOB gasoline (RBG24) closed down -1.14 (-0.54%).
Crude oil and gasoline prices on Tuesday gave up an early advance and turned lower, with crude falling to a 3-week low. Tuesday's rally in the dollar index (DXY00) to a 1-week high is bearish for energy prices. Also, concerns about global energy demand are weighing on prices after U.S. and Chinese economic news disappointed. Crude prices Tuesday initially moved higher on the escalation of Middle East tensions after Iran dispatched a warship into the Red Sea after the U.S. Navy said it was fired upon when responding to a distress call from a vessel in the Red Sea.
