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Rich Asplund

Crude Prices End Higher as Russia Vows to Cut Crude Production

Oil United States Russia OPEC EIA

July WTI crude oil (CLN24) on Thursday closed up +0.12 (+0.15%), and July RBOB gasoline (RBN24) closed up +2.12 (+0.89%).

Crude oil and gasoline prices Thursday recovered from early losses and settled higher. Oil prices found support after Russia vowed to cut back its crude production. Crude prices Thursday initially moved lower due to a stronger dollar. Crude prices were also weighed down by negative carryover from Wednesday when weekly EIA crude inventories unexpectedly increased.

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