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Barchart
Barchart
Rich Asplund

Crude Rallies as President Trump Threatens Additional Tariffs on Russian Crude Exports

May WTI crude oil (CLK25) today is up +1.83 (+2.64%), and May RBOB gasoline (RBK25) is up +0.0380 (+1.69%).

Crude oil and gasoline prices today are sharply higher, with crude posting a 5-week high and gasoline posting a 7-month nearest-futures high.  Crude is climbing today after President Trump threatened to curtail crude exports from Russia, the world's third-largest oil producer.  Limiting gains in crude is a stronger dollar and the slump in the S&P 500 to a 6-1/2 month low, which undercuts confidence in the economic outlook and energy demand.  Another negative factor for crude oil is the concern about economic damage from US tariffs.

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