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Rich Asplund

Crude Prices Underpinned as Ukraine-Russian War Escalates

Oil United States Ukraine Russia United Kingdom EIA Vladimir Putin

December WTI crude oil (CLZ24) today is up +0.21 (+0.30%), and December RBOB gasoline (RBZ24) is up +0.0210 (+1.03%).

Crude oil and gasoline today are moderately higher, with crude posting a 1-week high and gasoline posting a 1-month high. Escalation of the Ukraine-Russian war is boosting crude prices after Ukraine fired British cruise missiles at military targets in Russia for the first time. However, crude prices fell back from their best levels after weekly EIA crude inventories unexpectedly increased.

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