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Barchart
Barchart
Rich Asplund

Crude Sharply Higher as Risk-On Sentiment Outweighs EIA Crude Inventory Build

EIA Oil Nymex United States Natural Gas OPEC

June WTI crude oil (CLM23) on Wednesday closed up +1.97 (+2.78%), and June RBOB gasoline (RBM23) closed up +9.01 (+3.63%).   June Nymex natural gas (NGM23) is down -0.024 (-1.01%).

Crude oil and gasoline prices Wednesday rallied sharply, with gasoline climbing to a 2-week high.  Wednesday's main bullish factor is the broad rally in risk markets on hopes that U.S. lawmakers will soon agree to raise the debt ceiling.  Crude prices moved higher Wednesday despite a rally in the dollar index to a 7-week high and an unexpected increase in weekly EIA crude inventories.

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