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Barchart

Rich Asplund

Crude Settles Higher on Dollar Weakness and Strength in Stocks

Oil EIA OPEC United States

July WTI crude oil (CLN24) on Wednesday closed up +0.60 (+0.77%), and July RBOB gasoline (RBN24) closed down -1.45 (-0.39%).

Crude oil and gasoline prices settled mixed on Wednesday. Crude and gasoline Wednesday initially rose to 1-1/2 week highs on economic optimism after the S&P 500 rallied to a new record high on favorable US inflation news. Also, the weakness in the dollar on Wednesday was supportive of energy prices. However, crude fell back from its best levels, and gasoline dropped into negative territory after weekly EIA crude inventories unexpectedly increased.

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