August WTI crude oil (CLQ23) this morning is up +0.29 (+0.38%), and Aug RBOB gasoline (RBQ23) is up +2.70 (+1.00%).
Crude oil and gasoline prices this morning are moderately higher, with gasoline climbing to a 3-month nearest-futures high. The outlook for tighter crude supplies is boosting oil prices as Russia's crude shipments fell to a 6-month low. Also, today's rally in the S&P 500 to a 15-month high shows confidence in the economic outlook that supports energy demand and crude prices. Crude prices fell back from their best levels on a stronger dollar and a smaller-than-expected draw in weekly EIA crude inventories.
