Crude Ends Slightly Higher as the Crack Spread Strengthens

Crude oil and gasoline prices on Wednesday recovered from early losses and closed higher, with gasoline climbing to a 5-week high. Strength in the crude crack spread sparked short-covering in crude after the crack spread Wednesday climbed to a 4-week high, encouraging refiners to boost their crude purchases to refine into gasoline and distillates. Crude prices on Wednesday initially fell to a 1-week low after the dollar index
DXY
rallied to an 8-week high and after weekly EIA crude inventories unexpectedly rose.