Crude Oil WTI Aug '27 (CLQ27)
Crude Oil WTI Futures Market News and Commentary
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.
President Trump said the Strait of Hormuz will reopen after this Friday’s signing of the peace deal in Switzerland, which will trigger the start of 60 days of talks on Iran’s nuclear program. However, if an agreement isn’t reached on nuclear, the US could restart military attacks.Â
The International Energy A... Read more
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