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Rich Asplund

Crude Oil Prices Pressured as Global Supplies Rebound

Oil On United States OPEC Drone Ukraine

August WTI crude oil (CLQ26) on Monday closed down -0.14 (-0.20%), and August RBOB gasoline (RBQ26) closed up +0.0860 (+2.95%).

Crude oil and gasoline prices settled mixed on Monday, with gasoline posting a 3-week high. Crude oil was under pressure on Monday as flows through the Strait of Hormuz continued to increase, boosting global oil supplies. Also, OPEC+ raised its crude oil production target on Sunday, a bearish factor for oil prices. Crude prices recovered from their worst levels on Monday, and gasoline rallied after the crude crack spread soared to a 4-year high.

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