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Rich Asplund

Crude Rallies Sharply as US Crude Supplies Tighten

Oil United States EIA Hamas OPEC

February WTI crude oil (CLG25) Wednesday closed up +2.54 (+3.28%), and February RBOB gasoline (RBG25) closed up +0.0543 (+2.58%).

Crude and gasoline prices rallied sharply Wednesday, with crude posting a 6-month high and gasoline climbing to a 3-1/4 month high. Wednesday's weaker dollar is bullish for energy prices. Crude prices extended their gains Wednesday after weekly EIA crude inventories fell more than expected to a 2-3/4 year low.

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