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Barchart
Rich Asplund

Crude Prices Settle Higher as the Dollar Weakens and EIA Inventories Decline

Oil EIA IEA OPEC United States

June WTI crude oil (CLM24) on Wednesday closed up +0.61 (+0.78%), and June RBOB gasoline (RBM24) closed up +3.72 (+1.51%).

Crude oil and gasoline prices rebounded Wednesday from 2-1/2 month lows and finished moderately higher.  Crude prices initially moved lower after the IEA cut its 2024 global crude demand forecast.  However, prices recovered their losses and pushed into positive territory after the dollar index fell to a 5-week low and weekly EIA crude inventories fell more than expected.

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