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Barchart
Barchart
Rich Asplund

Crude Prices Climb on Hopes of Easing of US-China Trade Tensions

Oil United States China OPEC

July WTI crude oil (CLN25) Monday closed up +0.71 (+1.10%), and July RBOB gasoline (RBN25) closed up +0.0184 (+0.89%).

Crude oil and gasoline prices settled higher Monday, with crude reaching a 2-1/4 month high and gasoline reaching a 1-week high.  Monday's weaker dollar was bullish for energy prices.  Also, oil prices have support from hopes that US-China trade talks in London will lead to an easing of trade tensions.  In addition, crude has carryover support from last Friday when the weekly report from Baker Hughes showed active US oil rigs in the week ending June 6 fell to a 3-1/2 year low, a harbinger of lower near-term US crude production.  Crude oil prices were undercut by a weaker-than-expected Chinese trade report that was bearish for global growth prospects and energy demand.  

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