June WTI crude oil (CLM24) on Thursday closed up +0.76 (+0.92%), and May RBOB gasoline (RBK24) closed up +2.46 (+0.91%).
Crude and gasoline prices recovered from early losses on Thursday and closed moderately higher. Short covering emerged in crude on Thursday when the dollar index fell to a 1-1/2 week low. Crude also has carryover support from Wednesday's weekly report from the EIA, which showed that crude inventories unexpectedly declined. Crude prices on Thursday initially moved lower due to energy demand concerns after the US Q1 GDP growth was weaker than expected.
