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Barchart
Barchart
Rich Asplund

Crude Oil Prices Rally on Russian Tensions and Tighter EIA Inventories

Oil EIA Russia United States Donald Trump OPEC NATO Ukraine

November WTI crude oil (CLX25) on Wednesday closed up +1.58 (+2.49%), and November RBOB gasoline (RBX25) closed up +0.0224 (+1.15%).

Crude oil and gasoline prices rallied sharply on Wednesday for the second day, with crude posting a 3-week high.  Concerns about Russian crude supplies boosted oil prices after President Trump on Tuesday ramped up his rhetoric against Russia and after NATO promised a "robust" response to Russian incursions into its airspace.  Crude prices extended their gains on Wednesday after weekly EIA crude inventories unexpectedly fell to an 8-month low.

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