April WTI crude oil (CLJ25) Wednesday closed up +0.26 (+0.39%), and April RBOB gasoline (RBJ25) closed up +0.0012 (+0.06%).
Crude oil and gasoline prices Wednesday recovered from early losses and settled moderately higher. Short covering emerged in crude futures Wednesday after weekly gasoline and distillate inventories declined. Also, crude found support from heightened tensions this week in the Middle East, which threatens to disrupt crude supplies from the region after Israel launched a series of airstrikes across Gaza and the US launched strikes against Houthi Rebels in Yemen for attacking shipping in the Red Sea.
