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Barchart
Barchart
Rich Asplund

Crude Prices Supported by Sanctions on Russian Energy and Falling EIA Inventories

Oil EIA Donald Trump Russia United States OPEC

December WTI crude oil (CLZ25) on Wednesday closed up +0.33 (+0.55%), and December RBOB gasoline (RBZ25) closed up +0.0273 (+1.47%).

Crude oil prices settled higher on Wednesday amid an outlook for tighter global oil supplies.  Crude prices rose on expectations that President Trump will follow through and enforce new oil sanctions on Russia to pressure Russian President Putin into negotiations to end the war in Ukraine.   Crude price added to their gains today after weekly EIA crude inventories unexpectedly fell and gasoline supplies dropped to an 11-month low.  However, crude fell back from its best level on Wednesday after the dollar strengthened.

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