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Barchart
Barchart
Rich Asplund

Crude Prices Erase an Early Rally on US-Iran Diplomacy Speculation

November WTI crude oil (CLX26) closed up +0.19 (+0.21%) on Monday, and November RBOB gasoline (RBX26) closed down -0.0297 (-0.93%).

Crude oil and gasoline prices gave up a sharp advance on Monday and settled mixed. Crude prices erased nearly all of an early rally on Monday after a US official said President Trump is willing to give Iran sanctions relief in exchange for concrete progress on the nuclear issue. Also, the decline in the crude crack spread to a 1-month low on Monday weighed on crude. The weaker crack spread discourages refiners from purchasing crude oil and refining it into gasoline and distillates.

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