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Barchart
Barchart
Rich Asplund

Crude Oil Rallies Ahead of Thursday's OPEC+ Meeting

January WTI crude oil (CLF24) on Wednesday closed up +1.45 (+1.90%), and Jan RBOB gasoline (RBF24) closed up +0.0547 (+2.49%).

Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 1-week high and gasoline climbing to a 2-week high.  Crude has support on signs of U.S. economic strength after U.S. Q3 GDP expanded more than expected.  Also, short covering ahead of  Thursday's OPEC+ meeting is lifting crude prices.  Crude prices rallied Wednesday despite a stronger dollar and a bearish EIA inventory report.

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