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Barchart
Barchart
Rich Asplund

Crude Prices Sink as Geopolitical Risks Ease and US Supplies Increase

Oil United States Volodymyr Zelenksyy EIA OPEC Donald Trump Iran Russia

March WTI crude oil (CLH26) on Thursday closed down -1.26 (-2.08%), and March RBOB gasoline (RBH26) closed down -0.0408 (-2.17%).

Crude oil and gasoline prices sold off sharply on Thursday after Ukrainian President Zelenskiy signaled progress in peace talks on ending the war with Russia.   Losses in crude oil and gasoline accelerated Thursday after the EIA unexpectedly reported that crude inventories rose and gasoline supplies jumped to a nearly 5-year high.  Thursday’s dollar weakness was supportive for energy prices.

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