May WTI crude oil (CLK26) on Wednesday closed down -0.05 (-0.05%), and May RBOB gasoline (RBK26) closed up +0.0297 (+0.98%). Crude oil and gasoline prices settled mixed on Wednesday, with crude falling to a 3-week low.
Crude prices came under pressure on Wednesday after the AP reported that the US and Iran had reached an “in principle agreement” to extend the ceasefire to allow more time for diplomacy. The US and Iran are considering extending their ceasefire, which ends on Tuesday, by another two weeks to allow more time to negotiate a peace agreement. Losses in crude were limited on Wednesday after weekly EIA crude inventories unexpectedly declined.
