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Rich Asplund

Crude Oil Rallies Ahead of Friday's Trump-Putin Summit

Donald Trump Oil Vladimir Putin EIA OPEC United States IEA

September WTI crude oil (CLU25) today is up +1.07 (+1.71%), and September RBOB gasoline (RBU25) is up +0.0377 (+1.82%).

Crude oil prices today are sharply higher on some short-covering ahead of Friday's Trump-Putin summit. President Trump has said he will proceed with high tariffs on countries that buy Russian oil if President Putin does not agree to a ceasefire, which would further reduce Russian oil exports and tighten the global oil market. Mr. Trump has sounded progressively more hawkish about Friday's summit as this week wears on.

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