Crude oil futures ended lower Thursday after early strength faded, as a firmer US dollar helped trigger long liquidation across the energy complex. August WTI crude oil settled down 0.65, or 0.82%, while August RBOB gasoline fell 0.0162, or 0.49%.
The move suggested that bullish positions in crude were being unwound as the session progressed. When the dollar strengthens, dollar-denominated commodities such as oil can come under pressure, and that dynamic appeared to weigh on both crude and gasoline prices by the close.
The reversal from earlier gains highlighted a softer tone in energy trading late in the day. Rather than building on the session’s initial advance, oil and refined products lost momentum and finished in negative territory.
For market participants, the session underscored how currency moves can quickly affect commodity sentiment. Even after starting higher, crude oil futures were pulled lower as traders reduced long exposure and the stronger dollar added pressure to prices.
