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Barchart
Barchart
Rich Asplund

Crude Supported by Concerns Over Global Oil Supplies

Oil United States Donald Trump OPEC Vladimir Putin China Hamas Vortexa

May WTI crude oil (CLK25) today is up +0.10 (+0.14%), and May RBOB gasoline (RBK25) is up +0.0148 (+0.65%).

Crude oil and gasoline prices are moving higher today, with crude posting a 5-week high and gasoline posting a 7-month nearest-futures high.  Dollar weakness today is supportive of crude prices.  Crude also has carryover support from Monday when President Trump threatened to curtail crude exports from Russia, the world's third-largest oil producer.  Today's weaker-than-expected US economic news limited gains in crude along with concern about economic damage from US tariffs.

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