April WTI crude oil (CLJ26) on Wednesday closed up +0.10 (+0.13%), and April RBOB gasoline (RBJ26) closed up +0.0575 (+2.34%).
Crude oil and gasoline prices settled higher on Wednesday, with gasoline up sharply at a 19.5-month high. Energy prices have been volatile, and on Wednesday, they were whipsawed by headlines. Crude prices initially tumbled on Wednesday on a NY Times report that said Iranian operatives made an offer to the US to discuss terms for ending the conflict. However, prices shot higher after Iran denied the report. Wednesday's weekly EIA inventory report was bearish for crude as it showed crude supplies rose more than expected to a 9-month high.
