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Barchart
Barchart
Rich Asplund

Crude Prices Underpinned by Tighter Global Oil Supplies

Oil International Energy Agency Mar United States OPEC

May WTI crude oil (CLK23) on Friday closed up +0.36 (+0.44%), and May RBOB gasoline (RBJ23) closed up +0.42 (+0.15%).  

Crude oil and gasoline prices Friday posted modest gains.  Crude moved higher Friday on the projection from the International Energy Agency for the global oil market to fall into a -2.0 million bpd deficit in the second half of this year due to lower OPEC+ oil production.  However, gains in crude were limited after the dollar index rebounded from an 11-1/2 month low and moved higher.

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