February WTI crude oil (CLG24) on Wednesday closed up +0.28 (+0.38%), and Feb RBOB gasoline (RBG24) closed up +0.06 (+0.03%).
Crude oil and gasoline prices on Wednesday posted modest gains, with crude climbing to a 2-1/2 week high. Concerns about disruptions to Middle East crude supplies are boosting oil prices as more oil shippers avoid the Red Sea and ship crude around the southern tip of Africa due to the attacks on commercial shipping in the Red Sea by Houthi militants. Crude prices fell back from their best levels on a bearish EIA report that showed an unexpected increase in weekly U.S. oil supplies and record U.S. crude production.
