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Barchart
Rich Asplund

Crude Prices Climb on Russian Supply Concerns

Oil Russia Donald Trump United States OPEC Ukraine

November WTI crude oil (CLX25) on Friday closed up +0.74 (+1.14%), and November RBOB gasoline (RBX25) closed up +0.0341 (+1.74%).

Crude oil and gasoline prices rallied sharply on Friday, with crude posting a 1.75-month high.  Concerns over crude supplies from Russia are boosting oil prices as President Trump presses countries to stop buying Russian crude in an attempt to push Russia to end its war in Ukraine.  Friday's weaker dollar was also bullish for crude prices, along with the better-than-expected US August personal spending report, which signals positive economic strength that is supportive of energy demand.

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