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Barchart
Barchart
Rich Asplund

Crude Prices Gain on Tighter Global Oil Supplies

Oil EIA United States Strait of Hormuz Russia IEA OPEC

May WTI crude oil (CLK26) today is up +1.22 (+1.34%), and May RBOB gasoline (RBK26) is up +0.0446 (+1.47%).  Crude oil and gasoline prices recovered from early losses on Wednesday and moved higher amid the US naval blockade of the Strait of Hormuz, which continues to curb global oil supplies.   Crude prices added to their gains today after weekly EIA crude inventories unexpectedly declined.

Crude prices initially dipped to a 3-week low today after AP reported that the US and Iran had reached an “in principle agreement” to extend the ceasefire to allow more time for diplomacy.  President Trump on Tuesday said peace talks with Iran could restart “over the next two days,” and extending a ceasefire that expires next week may not be necessary as the war is “close to over.”

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