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Barchart
Barchart
Rich Asplund

Crude Oil Rallies as President Trump Imposes a New Deadline on Russia

Oil Donald Trump United States OPEC Russia Iraq

September WTI crude oil (CLU25) today is up +1.34 (+2.06%), and September RBOB gasoline (RBU25) is up +0.0328 (+1.59%).

Crude oil and gasoline prices today are up sharply at 1-week highs.  Concerns about the possibility of tighter global oil supplies are lifting crude prices today after President Trump said he would move up the deadline for Russia to agree to a truce with Ukraine.  Crude prices also rose today after the S&P 500 rallied to a new record high, indicating confidence in the economic outlook that supports energy demand.   In addition, positive trade news supports energy demand and crude prices after the EU and the US agreed to a trade deal and after the South China Post reported that the US and China will extend their trade truce for another three months.  Today's stronger dollar is limiting gains in crude.

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