June WTI crude oil (CLM25) Thursday closed up +1.84 (+3.17%), and June RBOB gasoline (RBM25) closed up +0.0575 (+2.84%).
Crude oil and gasoline prices on Thursday settled sharply higher after President Trump announced a trade deal with the UK, which eased trade tensions and bolstered optimism that more trade deals will be made, a positive factor for energy demand. Also, the recent plunge in crude prices has prompted US crude producers to announce future spending cuts, leading to lower US crude production. Thursday's rally in the dollar index (DXY00) to a 3-1/2 week high limited gains in crude.
