April WTI crude oil (CLJ25) Thursday closed up +0.05 (+0.08%), and April RBOB gasoline (RBJ25) closed down -0.0358 (-1.68%).
Crude oil and gasoline prices settled mixed on Thursday. Crude oil prices are under pressure as US tariff uncertainty weighs on the outlook for energy demand. Also, ramped-up Russian oil exports boost global supplies and are negative for prices. In addition, crude prices have some negative carryover from Wednesday when weekly EIA crude inventories rose more than expected to a 7-month high. However, crude recovered from early losses Thursday and moved further above Wednesday's 1-3/4 year low as short covering emerged when Treasury Secretary Bessent said the US is willing to go "all in" on sanctions against Russia to achieve a ceasefire in Ukraine and will "shut down" Iran's oil sector to achieve peace in the Middle East.
