January WTI crude oil (CLF26) today is up +0.76 (+1.30%), and January RBOB gasoline (RBF26) is up +0.00054 (+0.30%).
Crude oil and gasoline prices are moving higher today due to the decline in the dollar index (DXY00) to a 5-week low. Also, US-Russian talks failed to reach a breakthrough in ending the war in Ukraine, meaning restrictions will stay in place on Russian energy exports. Gains in crude are limited due to a bearish weekly EIA inventory report that showed an unexpected increase in crude stockpiles and a larger-than-expected build in gasoline and distillate supplies.
