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Barchart
Barchart
Rich Asplund

Crude Gains as Saudi Arabia Extends its Production Cut

Oil Saudi Arabia United States China OPEC

August WTI crude oil (CLQ23) this morning is up +0.55 (+0.78%), and Aug RBOB gasoline (RBQ23) is down -1.39 (-0.55%).

This morning, crude oil and gasoline prices are mixed, with crude posting a 1-week high.  The main bullish factor for crude prices is today's action by Saudi Arabia to announce that it would extend its voluntary cut in its crude production through August.  Crude prices fell back from their best levels, and gasoline declined on energy demand concerns after U.S. manufacturing activity last month unexpectedly contracted by the most in three years.

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