Oil markets were rising through Wednesday morning and the Energy Information Administration data did little to knock the rally off track.
Continued trade talks and a framework on an agreement between the U.S. and China have helped boost multiple risk assets, including oil. Meanwhile, President Trump said he is losing confidence in a potential nuclear deal with Iran, which keeps some of the geopolitical tensions intact.
The move Wednesday has oil at fresh highs heading into midday with Brent inching closer to the $70 level as both benchmark contracts start to break through some resistance.
At midday, July WTI was trading up $1.72 at $66.70/bbl, just a few cents off the highs, while August Brent was also just a few cents below the high, last trading at $68.39/bbl. WTI prices are at two-month highs, and the Brent price compares with late April levels.
Refined products are also moving higher, led by gasoline which is seeing its increase exceeding the gains in the crude oil market while diesel is the laggard.
While products did see a week-to-week build, the EIA measurements of demand were solid with gasoline rising nearly 11% from last week, proving last week's data may have been a Memorial Day holiday hangover.
The July high is $2.148/gal from May 21. That is likely the next target for RBOB bulls as the contract did briefly top the $2.14/gal level. July RBOB is not far from that mark at $2.1383/gal, a gain of just over 5cts.
After turning in some of the better performances over the past few days, diesel is lagging the rest of the market a bit. July prices are up by just over 3cts while the out month contracts are posting increases that are closer to 3.5cts.
Front-month ULSD is up 3.14cts at $2.173/gal.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
June 11, 2025 12:36 ET (16:36 GMT)
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