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Barchart
Barchart
Rich Asplund

Crude Prices Jump on Possible US-India Trade Deal and Lower EIA Inventories

Oil EIA India United States OPEC Russia

December WTI crude oil (CLZ25) on Wednesday closed up +1.26 (+2.20%), and December RBOB gasoline (RBZ25) closed up +0.0375 (+2.12%).

Crude oil and gasoline prices rallied sharply on Wednesday, posting one-week highs.  Crude prices jumped on Wednesday after India's Mint newspaper reported that the US and India are nearing a trade deal that could see India gradually reduce its imports of Russian crude, potentially boosting oil demand from alternative suppliers.  Crude prices extended their advance on Wednesday after weekly EIA crude inventories unexpectedly declined.  

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