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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on News of a US-UK Trade Deal

Oil United States Donald Trump United Kingdom OPEC Iran Vortexa

June WTI crude oil (CLM25) today is up +1.66 (+2.86%), and June RBOB gasoline (RBM25) is up +0.0522 (+2.57%).

Crude oil and gasoline prices today are moderately higher after President Trump announced a trade deal with the UK, which eased trade tensions and bolstered optimism that more trade deals will be made, a positive factor for energy demand.  Also, the recent plunge in crude prices has prompted US crude producers to announce future spending cuts, leading to lower US crude production.  Today's dollar strength is limiting gains in crude.

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