June WTI crude oil (CLM25) Thursday closed up +1.03 (+1.77%), and June RBOB gasoline (RBM25) closed up +0.0315 (+1.56%).
Crude oil and gasoline prices recovered from early losses on Thursday and posted moderate gains. Short covering emerged in crude oil Thursday after US stocks rallied sharply, which boosted risk-on sentiment in the asset markets. Also, the possibility of additional sanctions on Russian crude is lifting oil prices after US Senator Graham said he has "broad support" for a bill that would enact new sanctions on Russia and tariffs on countries that buy its oil if Russian President Putin doesn't engage in serious negotiations to end the war in Ukraine.
