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Barchart
Barchart
Rich Asplund

Threats of Additional Sanctions on Russian Energy Exports Lift Crude Prices

Oil United States OPEC EIA Russia Donald Trump Iraq Economy

September WTI crude oil (CLU25) on Wednesday closed up +0.79 (+1.14%), and September RBOB gasoline (RBU25) closed up +0.0262 (+1.20%).

Crude oil and gasoline prices on Wednesday extended this week's rally to 5-week highs.  Signs of strength in the global economy are supportive for energy demand and crude prices after Wednesday's US and Eurozone Q2 GDP reports showed stronger-than-expected economic growth.  Crude prices added to their gains Wednesday after President Trump threatened to penalize India for being one of the largest buyers of Russian energy.   Gains in crude were limited after the dollar index (DXY00) rallied to a 2-month high and after weekly EIA crude inventories unexpectedly surged.  

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