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Rich Asplund

Crude Posts Moderate Gains on the Outlook for Stronger U.S. Fuel Demand

Oil United States SPR

June WTI crude oil (CLM23) on Monday closed up +1.07 (+1.53%), and June RBOB gasoline (RBM23) closed up +4.18 (+1.72%).

Crude oil and gasoline prices Monday shook off early losses and closed moderately higher. A weaker dollar Monday gave energy prices a boost along with expectations for U.S. fuel demand to increase this Memorial Day holiday. However, gains in crude were limited as the ongoing U.S. debt-ceiling negotiations inject a risk-off sentiment in asset markets.

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