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Barchart
Barchart
Rich Asplund

Crude Prices Supported as Asset Markets Recover

May WTI crude oil (CLK25) today is up +1.45 (+2.30%), and May RBOB gasoline (RBK25) is up +0.0397 (+1.92%).

Crude oil and gasoline prices today are sharply higher.  Today's stock rebound has improved confidence in the economic outlook and boosted risk-on sentiment in asset markets, lifting crude prices.  Also, optimism the US can strike trade deals with its trading partners is positive for economic growth and energy demand after US trade negotiators said they have made "significant progress" toward a bilateral trade deal with India, the world's second-biggest crude importer.  Today's stronger dollar is limiting gains in crude oil.  

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