July WTI crude oil (CLN24) Wednesday closed up +0.82 (+1.12%), and July RBOB gasoline (RBN24) closed up +0.41 (+0.17%).
Crude oil and gasoline prices on Wednesday recovered from early losses and finished moderately higher. Technical short-covering emerged in crude futures Wednesday after prices fell for five consecutive sessions and became oversold. Oil prices had tumbled more than -4% this week to a 4-month low Tuesday on negative carryover from Sunday when OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies. Crude prices settled higher Wednesday despite an unexpected build in weekly EIA crude inventories.
