December WTI crude oil (CLZ25) on Tuesday closed up +0.83 (+1.39%), and December RBOB gasoline (RBZ25) closed up +0.0092 (+0.46%).
Crude oil prices recovered from early losses on Tuesday and moved higher after hawkish rhetoric by the European Union's top diplomat raised expectations that sanctions on Russian energy supplies will tighten. Crude prices initially retreated on Tuesday after a selloff in the S&P 500 to a 1-month low sparked risk-off sentiment in asset markets. Also, signs of weakness in the US labor market are negative for economic growth and energy demand, after ADP reported that US employers shed an average of 2,500 jobs per week in the four weeks ended November 1.
