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Rich Asplund

RARE PHOTOS: Crude tumbles on energy demand concerns - The Real Truth

Oil United States EIA OPEC BLS Hamas Iran Israel

Oct WTI crude oil (CLV24) Wednesday closed down -1.24 (-1.69%), and Oct RBOB gasoline (RBV24) closed down -3.22 (-1.55%).

Crude oil and gasoline prices Wednesday gave up early gains and tumbled to 6-1/2 month lows.  US energy demand concerns are undercutting crude prices after the US Bureau of Labor Statistics (BLS) revised US payrolls down more than expected.  Also, hopes for a cease-fire deal between Israel and Hamas are taking some risk premium out of crude prices.  Crude prices sold off Wednesday despite a fall in the dollar index (DXY00) to a 7-1/2 month low, and after weekly EIA crude inventories fell more than expected to a 6-1/2 month low.  

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