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Barchart
Rich Asplund

Crude Prices Rise as President Trump Threatens Tariffs on Countries Buying Venezuelan Crude

Donald Trump Oil Venezuela United States OPEC China Hamas Vortexa

May WTI crude oil (CLK25) Monday closed up +0.83 (+1.22%), and May RBOB gasoline (RBK25) closed up +0.0117 (+0.53%).

Crude oil and gasoline prices on Monday settled moderately higher, with crude posting a 3-week high.  Crude prices rallied Monday after President Trump announced a 25% secondary tariff on countries that purchase oil or gas from Venezuela, effective April 2.   Crude prices Monday also garnered support on reports that US reciprocal tariffs on April 2 will be more targeted, which should have less impact on global growth and energy demand.  In addition, Monday's rally in the S&P 500 to a 2-week high shows confidence in the economic outlook that supports energy demand.  However, Monday's rally in the dollar index (DXY00) to a 2-week high limited gains in crude oil.    

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