SunSirs: International Crude Oil Closes Higher — Analysis of Related Commodity Market Trends
May 09 2026 10:21:59 SunSirs (Selena)
On May 8, international crude oil futures closed higher. The settlement price for the July contract of U.S. WTI crude oil futures was $95.42 per barrel, an increase of $0.61, or 0.6%. The settlement price for the July contract of Brent crude oil futures was $101.29 per barrel, an increase of $1.23, or 1.2%.
With U.S. WTI crude oil futures (July contract) closing up 0.6% and Brent crude oil futures (July contract) closing up 1.2% on May 8, a generally bullish support was provided directly to both spot and futures prices for crude oil, suggesting a near-term trend of price strength.
As crude oil serves as the core upstream feedstock for asphalt, the rise in international crude oil prices drives up the cost base for asphalt. This provides a degree of bullish support to both spot and futures prices for asphalt, indicating that cost-side support remains reasonably robust.
Gasoline is a downstream refined product of crude oil; consequently, rising crude oil prices directly push up gasoline production costs. This offers general bullish support to gasoline spot prices, and—amidst stable demand—prices are more inclined to rise than to fall.
Diesel is another downstream refined product of crude oil; an upward trend in crude oil prices directly elevates production costs for diesel. This provides general bullish support to diesel spot prices, and—given a stable supply-demand balance—prices tend to trend upward, fluctuating in tandem with production costs.
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