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Barchart
Barchart
Rich Asplund

Crude Prices Jump as Saudi Arabia and Russia Prolong Crude Production Cuts

Oil United States Saudi Arabia Russia China Iran Vortexa

October WTI crude oil (CLV23) this morning is up +2.18 (+2.55%), and Oct RBOB gasoline (RBV23) is up +5.96 (+2.33%).

Crude oil prices this morning are rallying, with crude climbing to a 9-1/2 month high and gasoline posting a 1-week high.  The main bullish factor today was the action by Saudi Arabia and Russia to announce they will extend their crude production cuts until the end of the year.   A bearish factor for energy prices is today's rally in the dollar index (DXY00) to a 5-1/2 month high.  

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