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Rich Asplund

Crude Prices Climb After Russia Said OPEC+ Crude Cuts Can Go Further

OPEC Oil United States Russia crude oil Novak Pedro Saudi Arabia Angola

January WTI crude oil (CLF24) this morning is up +0.73 (+1.00%), and Jan RBOB gasoline (RBF24) is up +0.0012 (+0.06%).

Crude oil and gasoline prices this morning are moderately higher, with crude recovering from a 3-week low. Crude prices rebounded from early losses and moved higher after Russian Deputy Prime Minister Novak said OPEC+ could take further measures if last week's production cuts fail to balance the oil market. Crude prices today initially moved lower after the dollar index climbed to a 1-1/2 week high and after Saudi Arabia cut its official crude selling prices to Asian customers for January delivery.

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