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Rich Asplund

Short Covering Pushes Crude Price Sharply Higher on US Tariff Pause

United States Oil Donald Trump EIA OPEC China Hamas Vortexa

May WTI crude oil (CLK25) Wednesday closed up +2.77 (+4.65%), and May RBOB gasoline (RBK25) closed up -0.0470 (+2.36%).

Crude oil and gasoline prices Wednesday recovered from early losses and rallied sharply as short-covering emerged when President Trump announced a 90-day pause on reciprocal tariffs for 56 countries, except China. Crude prices on Wednesday initially slumped to a 4-year low, and gasoline dropped to a 7-month low. The escalation of the US trade war hammered crude prices after China and Europe retaliated against US tariffs on Wednesday. Crude prices were also under pressure after weekly EIA crude inventories rose to a 9-month high.

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