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Barchart
Rich Asplund

Crude Settles Higher on Expectations for OPEC+ to Maintain Production Cuts

Oil OPEC United States

July WTI crude oil (CLN24) on Friday closed up +0.85 (+1.11%), and July RBOB gasoline (RBN24) closed up +1.31 (+0.53%).

Crude oil and gasoline prices on Friday erased early declines and posted moderate gains.  A weaker dollar Friday was bullish for energy prices.  Also, Friday's better-than-expected US economic news shows economic strength that is positive for energy demand and crude prices.  In addition, expectations for OPEC+ to maintain its crude production cuts when it meets on June 2 support crude prices.  

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