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Barchart
Barchart
Rich Asplund

Crude Oil Prices See Support as Saudi Arabia Expected to Extend its Production Cut

Oil crude oil Saudi Arabia United States Abdulaziz bin Salman Economy EIA OPEC

August WTI crude oil (CLQ23) is up +0.64 (+0.92%), and Aug RBOB gasoline (RBQ23) is up +0.0116 (+0.46%).

Crude oil prices are seeing support from today's rally in stocks, which supports the outlook for the economy and energy demand.  Crude oil is getting a boost today from the -0.4% sell-off in the dollar index.  Crude oil is also seeing some continued support from Wednesday's unexpected -9.6 million bbl decline in EIA weekly crude oil inventories.

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