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Barchart
Barchart
Rich Asplund

Crude Settles Higher on Expectations for Stronger U.S Fuel Demand Memorial Day Weekend

Oil Memorial Day United States Goldman Sachs

June WTI crude oil (CLM23) on Monday closed up +0.44 (+0.61%), and June RBOB gasoline (RBM23) closed up +7.28 (+2.83%).  

Crude oil and gasoline prices Moday settled moderately higher, with gasoline climbing to a 3-1/2 week high.  The outlook for stronger U.S. fuel demand this Memorial holiday weekend pushed crude prices higher on Monday.  Also, Goldman Sachs projects that the global oil market is shifting to a deficit as supplies begin to tighten.  However, concerns about the ongoing U.S. debt-ceiling talks are undercutting crude oil prices.

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