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Barchart
Barchart
Rich Asplund

Crude Prices Settle Higher on Dampened Optimism for a Russian-Ukrainian Peace Deal

Oil United States Russia EIA OPEC Vortexa

January WTI crude oil (CLF26) on Wednesday closed up +0.70 (+1.21%), and January RBOB gasoline (RBF26) closed up +0.0251 (+1.39%).

Crude oil and gasoline prices are settled higher on Wednesday.  Dollar weakness on Wednesday boosted crude prices.  Also, doubts about a deal to end the Russian-Ukrainian war sparked some short covering in crude on Wednesday after European Commission Vice President Kallas said today that "we see no indication from Russia that they want peace."  Crude prices raced to their highs on Wednesday afternoon after a Baker Hughes report showed active US oil rigs fell to a 4-year low, signaling smaller US oil production in the near term.  Crude prices rose on Wednesday despite a bearish weekly EIA inventory report.

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