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Barchart
Barchart
Rich Asplund

Crude Prices Settle Higher on Shrinking Global Oil Supplies

Oil crude oil EIA United States China

May WTI crude oil (CLK23) on Wednesday closed up +1.73 (+2.12%), and May RBOB gasoline (RBJ23) closed up +0.75 (+0.26%).  

Crude oil and gasoline prices Wednesday moved higher, with crude climbing to a 4-1/2 month nearest-futures high and gasoline climbing to a 5-1/2 month high.  A weaker dollar (DXY00) Wednesday was bullish for energy prices.  Also, tightness in global oil supplies is supporting crude prices after OPEC+ announced a surprise cut in oil production last Monday and as 400,000 bpd of Iraqi crude oil exports remain halted.

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