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Rich Asplund

Crude Rallies on an Unexpected Decline in Weekly EIA Crude Inventories

EIA Oil United States

July WTI crude oil (CLN23) on Wednesday closed up +0.79 (+1.10%), and July RBOB gasoline (RBN23) closed up +7.69 (+3.00%).

Crude oil and gasoline prices Wednesday closed moderately higher. Signs of stronger Chinese crude demand pushed prices higher, as did a jump in U.S refinery runs to a 3-3/4 year high. Also, an unexpected decline in weekly EIA crude inventories was bullish for crude prices.

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