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Barchart
Rich Asplund

Crude Prices Jump as Saudi Arabia Cuts Crude Production

Oil Saudi Arabia United States Nymex Natural Gas

July WTI crude oil (CLN23) this morning is up +1.19 (+1.66%), and July RBOB gasoline (RBN23) is up +4.01 (+1.60%).   July Nymex natural gas (NGN23) is up +0.121 (+5.57%).

Crude oil and gasoline prices this morning are moderately higher, with crude posting a 1-month high.   Crude prices rallied today after Saudi Arabia said it would cut its crude production by -1.0 million bpd starting in July.  However, weaker-than-expected global economic news raised concerns about energy demand, and crude prices fell back from their best levels.  

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