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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Easing US-China Trade Tensions

Oil Donald Trump United States China crude oil OPEC Russia Barchart Ukraine

November WTI crude oil (CLX25) on Monday closed up +0.59 (+1.00%), and November RBOB gasoline (RBX25) closed up +0.0012 (+0.39%).

Crude oil and gasoline prices settled higher on Monday as they recovered some of last Friday's plunge.  Crude prices rose after the Trump administration over the weekend signaled openness to reaching a trade deal with China.  Crude prices also gained after President Trump said he is considering arming Ukraine with long-range Tomahawk missiles, which raises the risks of further disruptions to Russian oil supplies.  Monday's sharp rally in stocks also improved market sentiment and was supportive for asset markets.  The strength of the dollar on Monday limited the upside in crude prices.

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