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Barchart
Barchart
Rich Asplund

Crude Rallies as Saudi Arabia and Russia Extend Crude Production Cuts

Oil United States Saudi Arabia Russia China Iran Vortexa

October WTI crude oil (CLV23) Tuesday closed up +1.14 (+1.33%), and Oct RBOB gasoline (RBV23) closed down -1.06 (-0.41%).

Crude oil and gasoline prices Tuesday settled mixed, with crude climbing to a 9-1/2 month high.  The main bullish factor Tuesday was the announcement by Saudi Arabia and Russia that they will extend their respective crude production cuts until the end of the year.  Crude prices fell back from their best levels, and gasoline gave up its gains Tuesday, after the dollar index rallied to a 5-1/2 month high.  

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