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Barchart
Barchart
Rich Asplund

Crude Gains After Russia Bans Gasoline and Diesel Exports

November WTI crude oil (CLX23) this morning is up +0.83 (+0.93%), and Nov RBOB gasoline (RBX23) is up +1.96 (+0.76%).

Nov WTI crude oil and gasoline prices this morning shook off early losses and are moderately higher after Russia banned gasoline and diesel exports, further tightening global fuel supplies.  Crude prices this morning initially moved lower after the dollar index rallied to a 6-1/2 month high.  Also, concern that the Fed will keep interest rates higher for longer hammered stocks and undercut confidence in the economic outlook, which is negative for energy demand.

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