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Barchart
Barchart
Rich Asplund

Crude Settles Higher as Saudi Arabia and Russia Cut Production

Oil United States Saudi Arabia Russia EIA OPEC

August WTI crude oil (CLQ23) on Wednesday closed up +2.00 (+2.87%), and Aug RBOB gasoline (RBQ23) closed up +5.59 (+2.27%).

Crude oil and gasoline prices Wednesday rallied to 1-week highs and closed sharply higher.  The outlook for tighter global crude supplies is pushing prices higher after  Saudi Arabia and Russia announced Monday that they would cut their crude production.  

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