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Rich Asplund

Crude Prices Rebound on a Large EIA Crude Stockpile Drawdown

EIA Oil OPEC Pedro AAA Angola United States

January WTI crude oil (CLF24) this morning is up +0.93 (+1.36%), and Jan RBOB gasoline (RBF24) is up +4.29 (+2.17%).

Crude oil and gasoline prices this morning recovered from early losses and are moderately higher after weekly EIA crude inventories fell more than expected. Energy prices today initially extended Tuesday's sharp losses, with crude posting a 5-1/2 month low and gasoline posting a 2-year low as signs of stronger Russian crude exports exacerbated oversupply concerns.

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