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Barchart
Rich Asplund

Crude Prices Surge as OPEC+ Cuts Production

Oil Nymex United States China Natural Gas

May WTI crude oil (CLK23) this morning is up +4.71 (+6.22%), and May RBOB gasoline (RBJ23) is up +8.93(+3.33%).  May Nymex natural gas (NGK23) is down -0.122 (-5.51%).

Crude oil and gasoline prices this morning are sharply higher, with crude posting a 2-1/4 month high and gasoline posting a 5-1/4 month high.   The main bullish factor today was the action by OPEC+ on Sunday to unexpectedly cut its crude output by 1 million bpd.  Gains in crude accelerated today after the dollar index (DXY00) dropped to a 1-week low.  

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