June WTI crude oil (CLM24) this morning is down -0.26 (-0.33%), and June RBOB gasoline (RBM24) is down -4.37 (-1.69%).
Crude oil and gasoline prices this morning dropped to 8-week lows and are moderately lower. Crude prices are under pressure today after Russian Deputy Prime Minister Novak said OPEC+ is still analyzing the possibility of increasing crude oil output before its next meeting in June. A stronger dollar today is also bearish for energy prices. Losses for crude are limited after Israel's war cabinet unanimously rejected a cease-fire proposal agreed to by Hamas, signaling the conflict will continue.
