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Barchart
Barchart
Rich Asplund

Crude Prices Gain as China Signals it is Open to US Trade Talks

United States Oil China crude oil Donald Trump EIA OPEC WTO Iran Hamas

May WTI crude oil (CLK25) Wednesday closed up +1.17 (+1.86%), and May RBOB gasoline (RBK25) closed up +0.0190 (+0.94%).

Crude oil and gasoline prices on Wednesday rallied moderately.  Wednesday's slide in the dollar (DXY00) was supportive of crude prices.  Also, the prospects of de-escalating US-China trade tensions are positive for crude after China said it's open to US trade talks.  Crude also garnered support from Wednesday's bullish EIA inventory report.  Gains in crude were limited after the WTO cut its 2025 global trade estimate.

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