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Barchart
Barchart
Rich Asplund

Crude Oil Prices Jump as US Domestic Supplies Tumble

Oil United States EIA OPEC Goldman Sachs IEA International Energy Agency

July WTI crude oil (CLN26) today is up +0.90 (+1.18%), and July RBOB gasoline (RBN26) is up +0.0098 (+0.34%).

Crude oil and gasoline prices are moving higher today, with crude recovering from a 3.5-month low. Crude oil prices are climbing today on some technical buying after sharp losses over the past three sessions pushed prices into deeply oversold territory. Crude prices extended their gains today after weekly EIA crude inventories fell more than expected to a 7.5-month low, and oil supplies at Cushing, the delivery point of WTI futures, dropped to an 11-year low.

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