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Barchart
Rich Asplund

Crude Prices Recover on Geopolitical Concerns

Oil Merz crude oil OPEC United States Donald Trump Vladimir Putin Volodymyr Zelenksyy Russia

October WTI crude oil (CLV25) on Thursday closed up +0.45 (+0.70%), and October RBOB gasoline (RBV25) closed up +0.0220 (+1.12%).

Crude oil and gasoline prices recovered from early losses on Thursday and settled higher as short covering emerged following German Chancellor Merz's statement that a meeting between Russian President Putin and Ukrainian President Zelensky is unlikely to materialize.  Thursday's weaker dollar was also supportive of crude prices, as was a rally in the S&P 500 to a new record high, which shows confidence in the economic outlook that is bullish for energy demand.  

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