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Rich Asplund

Crude Rallies on Concern about Disruptions to Russian Crude Exports

Oil United States Russia EIA Vortexa

September WTI crude oil (CLU23) on Wednesday closed up +1.48 (+1.78%), and Sep RBOB gasoline (RBU23) closed up +8.33 (+2.93%).

Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to an 8-3/4 month high and gasoline rising to a 2-week high. Oil prices rallied on concern that Russian crude oil exports could be disrupted by the Russian-Ukraine war, further tightening global supplies. Crude oil prices fell back from their best levels after weekly EIA crude inventories rose more than expected.

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