August WTI crude oil (CLQ25) today is up +0.20 (+0.29%), and August RBOB gasoline (RBQ25) is up +0.0070 (+0.32%).
Crude oil and gasoline prices extended this week's rally and posted 2-week highs. Comments from the UAE Energy Minister today boosted crude prices when he stated that a lack of major inventory buildups indicates that the oil market requires larger OPEC+ output. Crude prices also rose after Saudi Arabia's state-run Aramco stated that it sees "healthy global oil demand," despite the impact of tariffs on the global economy. Crude prices fell back from their best levels after weekly EIA crude inventories unexpectedly increased.
