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Barchart
Rich Asplund

Crude Oil Prices Climb on Positive Trade News

Oil crude oil United States OPEC Lutnick China Commerce Iran

August WTI crude oil (CLQ25) today is up +0.73 (+1.12%), and August RBOB gasoline (RBQ25) is down -0.94 (-0.35%).

Crude oil and gasoline prices today are mixed.  Crude is climbing today on signs of easing trade tensions as the US moves closer to trade deals with China and other trading partners.  Also, uncertainty over Iran gave crude prices a boost after US Energy Secretary Wright said that sanctions against Iran will remain in place for now.   In addition, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook, which is supportive of energy demand and crude prices.  Gains in crude oil are limited, and gasoline prices fell due to a stronger dollar.  Also, the crude crack spread today slid to a 1-1/2 week low, discouraging refiners from buying crude and refining it into gasoline and distillates.  

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