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Rich Asplund

Crude Recovers Early Losses on Lingering Geopolitical Risks

Oil Iran Israel United States EIA OPEC

May WTI crude oil (CLK24) on Thursday closed up +0.04 (+0.05%), and May RBOB gasoline (RBK24) closed down -1.50 (-0.55%).

Crude and gasoline prices on Thursday settled mixed, with crude rebounding from a 3-week low and gasoline falling to a 2-week low. A stronger dollar Thursday weighed on energy prices. Crude also has a negative carryover from Wednesday, when the EIA reported that crude inventories rose more than expected to a 10-month high. Lingering geopolitical risks between Iran and Israel are limiting the downside in crude prices.

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