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Rich Asplund

Crude Prices Climb as Market Sentiment Improves

Oil United States Donald Trump EIA OPEC Iran Hamas Vortexa

May WTI crude oil (CLK25) Tuesday closed up +1.23 (+1.95%), and May RBOB gasoline (RBK25) closed up +0.0343 (+1.66%).

Crude oil and gasoline prices on Tuesday settled moderately higher. Tuesday's stock rebound improved confidence in the economic outlook and boosted risk-on sentiment in asset markets, lifting crude prices. Also, optimism the US can strike trade deals with its trading partners is positive for economic growth and energy demand after US trade negotiators said they have made "significant progress" toward a bilateral trade deal with India, the world's second-biggest crude importer. Tuesday's stronger dollar limited gains in crude oil.

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