January WTI crude oil (CLF26) today is up +0.41 (+0.69%), and January RBOB gasoline (RBF26) is up +0.0093 (+0.51%).
Crude oil and gasoline prices are moving higher today, with crude oil posting a 2-week high. Crude prices are supported by the prospects for the war in Ukraine to continue, which will keep sanctions on Russian energy exports in place, after US-Russian talks failed to reach a breakthrough in ending the war. Today's rally in the S&P 500 to a 5-week high is also supportive of crude prices, as it shows confidence in the economic outlook and optimism about energy demand. Crude prices added to their gains today after prices rose above the 50-day moving average, which triggered technical buying in crude futures.
