April WTI crude oil (CLJ25) Wednesday closed up +1.43 (+2.16%), and April RBOB gasoline (RBJ25) closed up +0.0451 (+2.14%).
Crude oil and gasoline prices on Wednesday finished moderately higher. Wednesday's weekly EIA inventory report supported crude prices after crude supplies rose less than expected and gasoline stockpiles fell more than expected. Also, geopolitical risks are boosting crude prices after Houthi rebels said they would resume attacks on Israeli ships unless Israel ends its ban on allowing aid into Gaza. Limiting gains in crude is an escalation of trade tensions that threaten to turn into a global trade war that undercuts economic growth and energy demand after US tariffs on steel and aluminum went into effect today, and the EU and Canada retaliated by imposing tariffs on some US goods.
