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Rich Asplund

Crude Oil Prices See Continued Support from EIA Drawdown

Oil EIA United States

August WTI crude oil (CLQ23) today is unchanged, and Aug RBOB gasoline (RBQ23) is down -0.16%.

Crude oil prices today are seeing carry-over support from Wednesday's sharp -9.6 million bbl decline in EIA weekly crude oil inventories, which led to a +2.75% rally in Aug crude oil prices on Wednesday. Crude oil prices are also seeing support from the strong U.S. economy, as U.S. Q1 GDP was revised higher to +2.0% from +1.3%. However, crude oil prices are being undercut today by the +0.3% rise in the dollar index and by today's sharp +15 bp rise in the 10-year T-note yield on Fed Chair Powell's latest hawkish comments.

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