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Barchart
Barchart
Rich Asplund

Tightness in US Crude Supplies Supports Crude Oil Prices

Oil United States EIA OPEC Goldman Sachs IEA International Energy Agency

July WTI crude oil (CLN26) on Wednesday closed up +0.74 (+0.97%), and July RBOB gasoline (RBN26) closed up +0.0291 (+1.01%).

Crude oil and gasoline prices settled higher on Wednesday, with crude recovering from a 3.5-month low. Crude oil prices rose on Wednesday on some technical buying after sharp losses over the past three sessions pushed prices into deeply oversold territory. Crude prices extended their gains on Wednesday after weekly EIA crude inventories fell more than expected to a 7.5-month low, and oil supplies at Cushing, the delivery point of WTI futures, dropped to an 11-year low. Crude prices fell from their best level as the dollar strengthened.

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