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Barchart
Barchart
Rich Asplund

Crude Posts Moderate Gains on Comments from Saudi Energy Minister

July WTI crude oil (CLN23) on Tuesday closed up +0.86 (+1.19%), and July RBOB gasoline (RBN23) closed up +2.11 (+0.83%).  

Crude oil and gasoline prices Tuesday settled moderately higher, with crude posting a 1-1/2 week high and gasoline climbing to a 5-week high.  Crude prices jumped Tuesday after Saudi Arabia's Energy Minister warned short sellers in the oil market of pain ahead.  Also, the outlook for stronger U.S. fuel demand this Memorial holiday weekend is boosting crude prices.  However, crude prices Tuesday fell back from their best levels after the dollar index rallied to a 2-month high.

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