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Barchart
Barchart
Rich Asplund

Crude Settles Sharply Higher on Tight Oil Supplies

August WTI crude oil (CLQ23) on Tuesday closed up +1.60 (+2.16%), and Aug RBOB gasoline (RBQ23) closed up +6.27 (+2.38%).

Crude oil and gasoline prices Tuesday rallied sharply, with gasoline posting a 1-1/2 month nearest-futures high.  The outlook for tighter crude supplies is boosting oil prices ahead of Wednesday's weekly EIA report, which is expected to show U.S. crude inventories fell -2.2 million bbl last week.  Also, Tuesday's rally in the S&P 500 to a 15-month high shows confidence in the economic outlook that supports energy demand and crude prices.  

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