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Rich Asplund

Crude Closes Higher on Signs of Cooperation Among Major OPEC+ Producers

Oil OPEC Vladimir Putin United States EIA Morgan Stanley Russia

December WTI crude oil (CLZ24) Wednesday closed up +0.31 (+0.46%), and December RBOB gasoline (RBZ24) closed up +0.0008 (+0.04%).

Crude oil and gasoline prices recovered from 2-week lows and settled slightly higher on Wednesday. Short covering emerged in crude Wednesday after Russian President Putin and Saudi Crown Prince Mohammed bin Salman stressed "the importance of continuing close coordination in OPEC+." The comments suggest the group could further delay any planned cuts in crude production if oil prices remain low.

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