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Barchart
Rich Asplund

Crude Oil Settles Higher on US-China Trade Optimism

Oil United States China OPEC Donald Trump Iran Lutnick Commerce

August WTI crude oil (CLQ25) Friday closed up +0.28 (+0.43%), and August RBOB gasoline (RBQ25) closed down -1.04 (-0.50%).

Crude oil and gasoline prices settled mixed on Friday.  Crude found support on signs of easing trade tensions as the US moves closer to trade deals with China and other trading partners.  Also, uncertainty over Iran gave crude prices a boost after US Energy Secretary Wright said that sanctions against Iran will remain in place for now.   In addition, Friday's rally in the S&P 500 to a new record high shows confidence in the economic outlook, which is supportive of energy demand and crude prices.  Gains in crude oil were limited, and gasoline prices fell due to a stronger dollar.  Also, the crude crack spread Friday slid to a 1-1/2 week low, discouraging refiners from buying crude and refining it into gasoline and distillates.  

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