August WTI crude oil (CLQ24) on Wednesday closed up +1.07 (+1.29%), and Aug RBOB gasoline (RBQ24) closed up +2.79 (+1.08%).
Crude oil and gasoline prices Wednesday moved higher after the dollar index (DXY00) fell to a 3-week low. Crude added to its gains Wednesday after the weekly EIA report showed crude inventories fell more than expected, and US gasoline demand climbed to a 7-1/2 month high. Crude prices fell back briefly Wednesday on US economic concerns after weekly continuing unemployment claims rose to a 2-1/2 year high, and the Jun ISM services index contracted at the steepest pace in 4 years.
