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Barchart
Barchart
Rich Asplund

Crude Prices Rally as Global Oil Supplies Tighten

Oil crude oil United States OPEC Ukraine Russia Bessent

October WTI crude oil (CLV25) on Tuesday closed up +1.58 (+2.47%), and October RBOB gasoline (RBV25) closed up +0.0739 (+3.75%).

Crude oil and gasoline prices on Tuesday rallied sharply and posted 1-month highs.  Concerns over tighter global oil supplies are pushing crude prices higher after Ukraine's attacks on Russian refineries have cut Russia's crude-processing runs to a 3-year low.  Also, comments from US Treasury Secretary Bessent were bullish for crude when he said the US would look at additional sanctions on Russia for prolonging the war in Ukraine.  

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