June WTI crude oil (CLM26) on Thursday closed up +0.15 (+0.15%), and June RBOB gasoline (RBM26) closed down -0.0130 (-0.36%). Crude oil and gasoline prices settled mixed on Thursday. Crude prices pushed higher on Thursday as peace talks between the US and Iran remain in limbo, keeping global oil supplies tight amid the Strait of Hormuz closure. Gains in crude were limited, and gasoline fell on Thursday after the dollar index ($DXY) rallied to a 2-week high. Also, signs that OPEC+ may boost its crude production are negative for oil prices.
On Thursday, OPEC+ delegates said that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September. The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. However, any production hikes now seem unlikely, given that Middle East producers are being forced to cut output due to the war in the region.
