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Barchart
Barchart
Rich Asplund

Crude Prices Retreat on Claims of Progress in Ending Russian-Ukraine War

September WTI crude oil (CLU25) on Wednesday closed down -0.81 (-1.24%), and September RBOB gasoline (RBU25) closed down -0.0011 (-0.05%).

Crude oil and gasoline prices gave up an early rally Wednesday and turned sharply lower after President Trump said "great progress was made" in a meeting between US envoy Witkoff and Russian President Putin on ending the war in Ukraine, which sparked long liquidation in crude on speculation that the US will not add secondary sanctions to Russian energy exports.  

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