August WTI crude oil (CLQ25) on Wednesday closed up +0.05 (+0.07%), and August RBOB gasoline (RBQ25) closed up +0.0029 (+0.13%).
Crude oil and gasoline prices extended this week's rally and posted 2-week highs, but settled only slightly higher. Comments from the UAE Energy Minister on Wednesday 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 found support Wednesday after Saudi Arabia's state-run Aramco stated that it sees "healthy global oil demand," despite the impact of tariffs on the global economy. However, crude prices gave up most of their advance after weekly EIA crude inventories unexpectedly increased.
