July WTI crude oil (CLN23) on Wednesday closed up +1.43 (+1.96%), and July RBOB gasoline (RBN23) closed up +6.00 (+2.34%).
Crude oil and gasoline prices posted moderate gains, with crude climbing to a 3-week high and gasoline climbing to a 5-week high. Crude prices opened higher Wednesday on carryover support from Tuesday when Saudi Arabia's Energy Minister warned short sellers in the oil market of pain ahead. Gains in crude accelerated after weekly EIA crude inventories unexpectedly plunged. A bearish factor for crude was Wednesday's rally in the dollar index to a 2-month high.
