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Barchart
Barchart
Rich Asplund

Crude Prices Rise as Global Geopolitical Risks Escalate

Oil Donald Trump OPEC EIA United States Venezuela Russia

January WTI crude oil (CLF26) on Wednesday closed up +0.67 (+1.21%), and January RBOB gasoline (RBF26) closed up +0.0134 (+0.80%).

Crude oil and gasoline prices rose on Wednesday amid heightened geopolitical risks in Venezuela and Russia.  President Trump ordered a blockade of sanctioned tankers off Venezuela, and the US is preparing new sanctions on Russian energy exports if Russia rejects a peace deal to end the war in Ukraine.  Crude prices fell back from their best level on Wednesday after weekly EIA crude inventories fell less than expected and gasoline supplies rose more than expected.

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