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Barchart
Rich Asplund

Crude Prices Edge Higher on Optimism About US-China Trade Talks

Oil United States OPEC

July WTI crude oil (CLN25) today is up +0.50 (+0.77%), and July RBOB gasoline (RBN25) is up +0.0177 (+0.85%).

Crude oil and gasoline prices are moving higher today, with crude reaching a 2-1/4 month high and gasoline reaching a 1-week high.  Today's weaker dollar is 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.  Crude also 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 weaker-than-expected Chinese trade news that was bearish for global growth prospects and energy demand.  

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