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Barchart
Rich Asplund

Crude Prices Settle Sharply Higher after OPEC+ Cuts Production

Oil OPEC United States China

May WTI crude oil (CLK23) on Monday closed up +4.75 (+6.28%), and May RBOB gasoline (RBJ23) closed up +7.65 (+2.85%).  

Crude oil and gasoline prices Monday rallied sharply, with crude posting a 2-1/4 month high and gasoline posting a 5-1/4 month high.   The main bullish factor was the action by OPEC+ on Sunday to cut its crude output by 1 million bpd unexpectedly.  Gains in crude accelerated Monday after the dollar index dropped to a 1-week low.  

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