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Barchart
Barchart
Rich Asplund

Crude Rallies on US-China Trade Talk Optimism

Oil United States China OPEC Donald Trump Iran Russia Vortexa

June WTI crude oil (CLM25) Friday closed up +1.11 (+1.85%), and June RBOB gasoline (RBM25) closed up +0.0230 (+1.10%).

Crude oil and gasoline prices on Friday rallied to 1-1/2 week highs and settled moderately higher.  Friday's weaker dollar was bullish for energy prices.  Also, optimism about this weekend's trade talks with China pushed crude prices higher after President Trump announced a trade deal with the UK on Thursday, which may have set a template for other trade deals.  In addition, crude prices rose as the UK is expected to sanction 100 oil tankers that are part of a shadow fleet of tankers helping Russia move its oil, which could reduce global crude supplies.  

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