June WTI crude oil (CLM24) on Monday closed up +0.37 (+0.47%), and June RBOB gasoline (RBM24) closed up +3.31 (+1.30%).
Crude oil and gasoline prices on Monday settled moderately higher. Sunday's action by Saudi Arabia to raise crude prices for delivery next month for Asian customers signals confidence in global energy demand and is bullish for crude prices. Also, Monday's rally in the S&P 500 to a 3-week high shows confidence in the economic outlook that is positive for energy demand and crude prices. Crude oil prices initially fell back Monday after Hamas said it would agree to a cease-fire proposal by Qatar and Egypt, although oil prices then gained after the close when Israel rejected that cease-fire proposal.
