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Barchart
Barchart
Rich Asplund

Crude Prices Under Pressure on Reduced Geopolitical Risks and a US Inventory Glut

Oil United States EIA OPEC

June WTI crude oil (CLM24) this morning is down -0.49 (-0.62%), and June RBOB gasoline (RBM24) is down -0.63 (-0.24%).

Crude oil and gasoline prices today extended Wednesday's loss and posted new 1-1/2 month lows.   Crude prices are under pressure due to the potential for a cease-fire between Israel and Hama, which eases concerns about the escalation of the conflict and possible disruptions to Middle East crude supplies.  Crude also has a negative carryover from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high.

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