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Barchart
Rich Asplund

Crude Posts Moderate Gains on Dollar Weakness and Bullish EIA Report

EIA Oil crude oil OPEC Vortexa United States

April WTI crude oil (CLJ24) on Wednesday closed up +0.98 (+1.25%), and Apr RBOB gasoline (RBJ24) closed up +2.11 (+0.83%).

Crude oil and gasoline prices posted moderate gains on Wednesday.  The slump in the dollar index to a 1-month low Wednesday supported energy prices.  Crude prices extended their gains after Wednesday's weekly EIA report showed crude supplies rose less than expected and gasoline stockpiles fell more than expected.   Also, Wednesday's rally in equities boosts confidence in the economic outlook, which is positive for energy demand.

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