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Rich Asplund

RARE PHOTOS: Crude prices tumble on dollar strength and easing geopolitical risks | Vintage Vibes

Oil EIA OPEC United States Russia Vortexa

December WTI crude oil (CLZ25) on Wednesday closed down -1.30 (-2.14%), and December RBOB gasoline (RBZ25) closed down -0.0672 (-3.36%).

Crude oil and gasoline prices settled sharply lower on Wednesday, with gasoline falling to a 1.5-week low. Wednesday's rally in the dollar index (DXY00) to a 2-week high was bearish for energy prices. Crude prices also came under pressure on Wednesday from a report from Axios that said the Trump administration has been secretly working with Russia to draft a new plan to end the war in Ukraine. Energy prices remained lower after a mixed EIA inventory report showed that weekly crude supplies fell more than expected, while gasoline and distillate stockpiles rose more than expected.

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