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Barchart
Rich Asplund

Crude Prices Jump on Signs US Oil Production Will Decline

Oil United States OPEC Vortexa

June WTI crude oil (CLM25) today is up +2.47 (+4.32%), and June RBOB gasoline (RBM25) is up +0.0543 (+2.68%).

Crude oil and gasoline prices today are sharply higher.  Today's weaker dollar is bullish for energy prices.  Also, short covering emerged to push crude prices higher today on concern that US crude production is set to decline after Diamondback Energy, the largest independent crude producer in the Permian Basin, cut its full-year production forecast and said it expects US crude output to fall in the coming months due to low oil prices.  

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