August WTI crude oil (CLQ24) Wednesday closed up +0.69 (+0.85%), and Aug RBOB gasoline (RBQ24) closed down -2.40 (-0.95%).
Crude oil and gasoline prices settled mixed on Wednesday. Crude prices Wednesday rebounded from a 1-1/2 week low and moved higher after weekly EIA crude inventories unexpectedly declined. Also, a weaker dollar Wednesday was bullish for energy prices. In addition, Wednesday's rally in the S&P 500 to a new record high shows confidence in the economic outlook that is positive for energy demand and crude prices. On the negative side for crude was Wednesday's decline in the crude crack spread to a 2-1/2 week low and a Reuters report that said the BOJ will likely cut this year's economic growth forecast when it meets later this month.
