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Barchart
Rich Asplund

Crude Rebounds on Comments of OPEC+ Cooperation

Oil OPEC Vladimir Putin United States Morgan Stanley Russia

December WTI crude oil (CLZ24) today is up +0.35 (+0.51%), and December RBOB gasoline (RBZ24) is up +0.0006 (+0.03%).

Crude oil and gasoline prices today recovered from 2-week lows and are slightly higher.  Short covering emerged in crude today after Russian President Putin and Saudi Crown Prince Mohammed bin Salman stressed "the importance of continuing close coordination in OPEC+."  The comments suggest the group could further delay any planned cuts in crude production if oil prices remain low.

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