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Barchart
Barchart
Rich Asplund

Crude Climbs After Saudi Arabia Hikes Oil Prices

Oil Saudi Arabia United States Israel OPEC

June WTI crude oil (CLM24) this morning is up +0.52 (+0.67%), and June RBOB gasoline (RBM24) is up +2.38 (+0.93%).

Crude oil and gasoline prices this morning are moderately higher.  Sunday's action by Saudi Arabia to raise crude prices for delivery next month for Asian customers signals confidence in global energy demand and is bullish for crude prices.  Also, fading prospects for a cease-fire in Gaza boosted geopolitical tensions in the Middle East and boosted the risk premium for oil prices.  In addition, today's rally in the S&P 500 to a 3-week high shows confidence in the economic outlook that is positive for energy demand and crude prices.

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