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Barchart
Barchart
Rich Asplund

Crude Prices Recover as US-China Trade Tensions Ease

November WTI crude oil (CLX25) today is up +0.96 (+1.63%), and November RBOB gasoline (RBX25) is up +0.0291 (+1.60%).

Crude oil and gasoline prices are sharply higher today, recovering some of last Friday's plunge after the Trump administration signaled openness to reaching a trade deal with China.  Crude prices also gained after President Trump said he is considering arming Ukraine with long-range Tomahawk missiles, which raises the risks of further disruptions to Russian oil supplies.  Today's sharp rally in stocks also improves market sentiment and is supportive for asset markets.  Strength in the dollar today is limiting the upside in crude prices.

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