August WTI crude oil (CLQ23) on Wednesday closed down -0.40 (-0.53%), and Aug RBOB gasoline (RBQ23) closed up +2.61 (+0.97%).
Crude oil and gasoline prices Wednesday settled mixed, with gasoline climbing to a 3-month nearest-futures high. Crude prices Wednesday gave up an early advance and turned lower on a stronger dollar and a smaller-than-expected draw in weekly EIA crude inventories. Crude initially moved higher Wednesday on the outlook for tighter crude supplies after Russia's crude shipments fell to a 6-month low. Also, Wednesday's rally in the S&P 500 to a 15-month high shows confidence in the economic outlook that supports energy demand and crude prices.
