Crude Oil WTI Jul '21 (CLN21)
Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN22) on Tuesday closed down -0.52 (-0.47%), and July RBOB gasoline (RBN22) closed up +0.95 (+0.26%).
Crude oil and gasoline prices on Tuesday settled mixed. Crude prices gave up an early advance and turned lower after the U.S. Department of Energy (DOE) announced the release of crude supplies from the Strategic Petroleum Reserve (SPR).
Crude on Tuesday initially moved higher after the dollar index dropped to a 4-week low. Also, crude oil prices garnered support Tuesday on comments from Saudi Arabia's Foreign Minister, who said his country has done what it can for the oil market. Oil and gasoline prices were undercut Tuesday by weak U.S. economic data and global growth concerns.
Crude prices Tuesday fell back after the U.S. DOE said it was offering to sell up to 40.1 million bbl of crude from the SPR from Jun 21-August 15 as part of President Biden's March announcement to release in stages one million bpd of crude for six months.
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