January WTI crude oil (CLF26) on Monday closed up +0.78 (+1.34%), and January RBOB gasoline (RBF26) closed up +0.0116 (+0.64%).
Crude oil and gasoline prices recovered from early losses on Monday and settled higher. Monday’s sharp rally in stocks signals bullish confidence in the economic outlook and energy demand, and also sparked a risk-on sentiment in asset markets. Gains in crude are limited by improving prospects for a peace deal to end the war in Ukraine, which could lead to the end of sanctions on Russian energy and boost global crude supplies.
