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Rich Asplund

Crude Oil Prices Jump on Signs of a Tightening Supply Outlook

Oil OPEC United States Iraq Drone EIA

August WTI crude oil (CLQ25) Thursday closed up +1.16 (+1.75%), and August RBOB gasoline (RBQ25) closed up +0.0264 (+1.23%).

Crude oil prices rallied Thursday on concerns about tighter global oil supplies after Iraq said it has lost about 200,000 bpd of crude production due to drone attacks on several oil fields in Kurdistan. Also, signs of strength in the US economy are positive for energy demand and crude prices on Thursday's better-than-expected US economic reports. Gains in crude were limited due to Thursday's rally in the dollar index (DXY00) to a 3.5-week high.

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