June WTI crude oil (CLM24) on Thursday closed down -0.05 (-0.06%), and June RBOB gasoline (RBM24) closed +1.91 (+0.74%).
Crude oil and gasoline prices settled mixed on Thursday, with crude posting a new 1-1/2 month low. Crude prices are under pressure due to the potential for a cease-fire between Israel and Hama, which eases concerns about the escalation of the conflict and possible disruptions to Middle East crude supplies. Crude also has a negative carryover from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high. However, crude recovered from its worst levels Thursday, and gasoline pushed into positive territory after the dollar index (DXY00) dropped to a 2-1/2 week low.
