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Rich Asplund

Crude Oil Boosted by Outlook for Tighter Global Oil Supplies

Oil United States Saudi Arabia Russia EIA Iran Vortexa

October WTI crude oil (CLV23) on Wednesday closed up +0.85 (+0.98%), and Oct RBOB gasoline (RBV23) closed up +2.04 (+0.79%).

Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 9-1/2 month high. Crude found carryover support from Tuesday when Saudi Arabia and Russia announced that they will extend their respective crude production cuts until the end of the year. Crude prices also have support from expectations that Thursday's weekly EIA crude inventories will fall by -2.0 million bbl. Limiting gains in crude was Wednesday's rally in the dollar index to a 5-1/2 month high.

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