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Barchart
Barchart
Rich Asplund

Crude Prices Recover as Risk-On Sentiment Improves in Asset Markets

Oil United States OPEC Vortexa

June WTI crude oil (CLM25) today is up +0.41 (+0.70%), and June RBOB gasoline (RBM25) is up +0.0196 (+0.97%).

Crude oil and gasoline prices today recovered from early losses and are moderately higher.  Short covering emerged in crude oil today after US stocks rallied sharply, which boosted risk-on sentiment in the asset markets.   Also, the possibility of additional sanctions on Russian crude is lifting oil prices after US Senator Graham said he has “broad support” for a bill that would enact new sanctions on Russia and tariffs on countries that buy its oil if Russian President Putin doesn’t engage in serious negotiations to end the war in Ukraine.

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