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Barchart
Rich Asplund

Crude Gains on Tight Supplies and US Energy Demand Optimism

Oil United States OPEC EIA

June WTI crude oil (CLM24) this morning is up +0.43 (+0.55%), and June RBOB gasoline (RBM24) is up +3.00 (+1.20%).

Crude oil and gasoline prices this morning are moderately higher.  Crude has support from today's rally in the S&P 500 to a new record high, which shows optimism in the economic outlook that supports energy demand.  Crude also has carryover support from Wednesday's weekly EIA report that showed declines in crude and gasoline supplies.  Strength in the dollar today and weaker-than-expected global economic news are limiting the upside in crude prices.

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