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Barchart
Rich Asplund

Crude Prices Settle Sharply Higher on Geopolitical Risks and Possible Fed Rate Cut

Oil US Federal Reserve OPEC United States

October WTI crude oil (CLV25) on Monday closed up +1.14 (+1.79%), and October RBOB gasoline (RBV25) closed down -0.0021 (-0.11%).

Crude oil and gasoline prices on Monday settled mixed, with crude posting a 2.5-week high.  Crude oil prices have support from doubts about negotiations for an end to the Russian-Ukrainian war.   Crude is also climbing on expectations for the Fed to cut interest rates at next month's FOMC meeting, which could boost economic growth and energy demand.  Gains in crude accelerated Monday after prices rose above the 100-day moving average, which triggered some buying from algorithmic-based traders.  Monday's stronger dollar limited gains in crude.  

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