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Barchart
Rich Asplund

Threats of Additional Sanctions on Russian Energy Exports Support Crude Oil

Oil OPEC United States Russia Donald Trump Iraq

September WTI crude oil (CLU25) today is up +0.97 (+1.45%), and September RBOB gasoline (RBU25) is up +0.0399 (+1.90%).

Crude oil and gasoline prices today added to Monday's rally and posted fresh 1-week highs.  Concerns about the possibility of tighter global oil supplies are supporting crude prices after President Trump warned of "secondary sanctions" if Russia fails to reach a ceasefire in Ukraine within 10 to 12 days.   Also, today's rally in the S&P 500 to a new record high shows confidence in the economic outlook that is supportive of energy demand and crude prices.  Today's rally in the dollar index (DXY00) to a 5-week high is bearish for crude prices.

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