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Rich Asplund

Crude Prices Gain on Tighter US Inventories

Oil United States Donald Trump EIA OPEC China Hamas Vortexa

May WTI crude oil (CLK25) Wednesday closed up +0.65 (+0.94%), and May RBOB gasoline (RBK25) closed up +0.0253 (+1.14%).

Crude oil prices on Wednesday rallied to 3-week highs and settled moderately higher. Crude had carryover support from Monday when President Trump announced a 25% secondary tariff on countries that purchase oil or gas from Venezuela, effective April 2. Crude rallied to its high Wednesday after weekly EIA crude inventories unexpectedly declined. Wednesday's rally in the dollar index (DXY00) to a 3-week high and the slump in equities limited the upside in crude prices.

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