Crude Oil WTI Oct '19 (CLV19)
Crude Oil WTI Futures Market News and Commentary
August WTI crude oil (CLQ26) on Wednesday closed up +0.26 (+0.33%), and August RBOB gasoline (RBQ26) closed up +0.0736 (+2.28%).
Crude oil and gasoline prices settled higher on Wednesday, with gasoline up sharply at a 7-week high. Crude prices found support after the US launched airstrikes against Iran for a fifth day on Wednesday in response to Iranian attacks on shipping in the Strait of Hormuz, which threatens to curb flows through the waterway and reduce global oil supplies.Â
Crude prices gave up an early advance and briefly turned lower on Wednesday on a bearish weekly EIA inventory report.Â
Crude prices moved higher Wednesday after President Trump pledged to intensify the bombardment until Iran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. Iran responded with missile and drone attacks against Kuwait.
Global crude oil supplies may tighten due to reduced flows through the Strait of Hormuz. The International Maritime Orga... Read more
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