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Barchart
Barchart
Rich Asplund

Crude Climbs on Dollar Weakness and US-China Trade Talk Optimism

Oil United States China OPEC Donald Trump Iran Vortexa

June WTI crude oil (CLM25) today is up +0.70 (+1.17%), and June RBOB gasoline (RBM25) is up +0.0131 (+0.63%).

Crude oil and gasoline prices today added to Thursday's sharp gains and climbed to 1-1/2 week highs.  Today's dollar weakness is bullish for energy prices.  Also, optimism about this weekend's trade talks with China pushed crude prices higher after President Trump announced a trade deal with the UK on Thursday.  In addition, crude prices rose as the UK is expected to sanction 100 oil tankers that are part of a shadow fleet of tankers helping Russia move its oil, which could reduce global crude supplies.  

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