October WTI crude oil (CLV25) today is up +1.01 (+1.62%), and October RBOB gasoline (RBV25) is up +0.0211 (+1.07%).
Crude oil and gasoline prices are moving higher today on concerns that a decrease in Russian oil exports will curb global oil supplies. The US today proposed that the Group of Seven allies impose tariffs as high as 100% on China and India for their purchases of Russian oil in an effort to convince Russia to end the war in Ukraine. Also, Ukrainian drone attacks may disrupt flows through Russia's crude-exporting hubs on the Baltic Coast. Today's rally in the S&P 500 to a new record high shows confidence in the economic outlook and is supportive of energy demand and crude prices.
