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Rich Asplund

Crude Climbs on the Possibility of Tighter US Sanctions on Russian Oil

Oil United States Russia EIA OPEC Vladimir Putin China

January WTI crude oil (CLF25) today is up +1.10 (+1.60%), and January RBOB gasoline (RBF25) is up +0.0167 (+0.85%).

Crude oil and gasoline prices today are moderately higher, with crude posting a 1-week high and gasoline posting a 2-week high. Crude prices are climbing today on the possibility of tighter US sanctions on Russian crude, which would tighten global oil supplies. Gains in crude are limited after the dollar index climbed to a 2-week high. Today's weekly EIA report was mixed with crude inventories falling more than expected, but gasoline and distillate supplies rose more than expected.

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