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Barchart
Barchart
Rich Asplund

Crude Oil Rallies on Possible US-India Trade Deal and Unexpected Draw in EIA Inventories

Oil EIA India United States OPEC Russia

December WTI crude oil (CLZ25) today is up +1.17 (+2.04%), and December RBOB gasoline (RBZ25) is up +0.0352 (+1.99%).

Crude oil and gasoline prices are up sharply today, reaching one-week highs.  Crude prices jumped today after India's Mint newspaper reported that the US and India are nearing a trade deal that could see India gradually reduce its imports of Russian crude, which would boost oil demand from alternative suppliers.  Crude prices extended their advance after weekly EIA crude inventories unexpectedly declined.  

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