January WTI crude oil (CLF26) today is up +0.62 (+1.06%), and January RBOB gasoline (RBF26) closed up +0.0316 (+1.73%).
Crude oil and gasoline prices rallied to 1-week highs today as the decline in the dollar index (DXY00) to a 1.5-week low is bullish for energy prices. Also, the concern that the Russian-Ukrainian war will continue supports crude prices. Russian President Putin was vague when asked about US President Trump's proposal for ending the war, and European Commission Vice President Kallas said Wednesday that "we see no indication from Russia that they want peace." Crude prices also have carryover support from Wednesday, when Baker Hughes reported that active US oil rigs fell to a 4-year low, signaling smaller US oil production in the near term.
