November WTI crude oil (CLX25) on Wednesday closed up +0.82 (+1.33%), and November RBOB gasoline (RBX25) closed up +0.0156 (+0.82%).
Crude oil and gasoline prices on Wednesday settled higher. Wednesday's rally in the S&P 500 to a new record high demonstrated confidence in the economic outlook, which was supportive of energy demand and crude prices. Crude prices also had carryover support from Sunday when OPEC+ agreed to a smaller-than-expected increase in its crude production levels. Gains in crude were limited on Wednesday after the dollar index (DXY00) rallied to a 1.75-month high.
