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Barchart
Rich Asplund

Crude Prices Gain on Prospects of Smaller Russian Crude Exports

Oil United States Russia OPEC Ukraine

October WTI crude oil (CLV25) on Friday closed up +0.32 (+0.51%), and October RBOB gasoline (RBV25) closed up +0.0061 (+0.31%).

Crude oil and gasoline prices settled higher on Friday on concerns that a decline in Russian oil exports will curb global oil supplies.  The US on Friday proposed that the Group of Seven allies impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince Russia to end the war in Ukraine.  Also, Ukrainian drone attacks have damaged Russian oil infrastructure and may disrupt flows through Russia's crude-exporting hubs on the Baltic Coast.  In addition, Friday's rally in the S&P 500 to a new record high shows confidence in the economic outlook and is supportive of energy demand and crude prices.

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