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Barchart
Barchart
Rich Asplund

Crude Oil Sharply Higher on Concerns About Tighter Global Supplies

September WTI crude oil (CLU25) on Monday closed up +1.55 (+2.38%), and September RBOB gasoline (RBU25) closed up +0.0388 (+1.88%).

Crude oil and gasoline prices rallied sharply on Monday to 1-week highs.  Concerns about the possibility of tighter global oil supplies boosted crude prices Monday after President Trump said he would move up the deadline for Russia to agree to a truce with Ukraine.  Also, 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.  Monday's stronger dollar was a bearish factor for crude prices.

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