June WTI crude oil (CLM25) Monday closed up +0.93 (+1.52%), and June RBOB gasoline (RBM25) closed up +0.0247 (+1.17%).
Crude oil and gasoline prices on Monday settled sharply higher, with crude posting a 2-week high and gasoline posting a 6-week high. Crude prices rallied sharply Monday after the US and China agreed to reduce tariffs against each other, which eased trade tensions and improved the global economic outlook and energy demand prospects. Also, Monday's rally in the S&P 500 to a 2-1/4 month high shows confidence in the economic outlook that is bullish for energy demand and crude prices. Crude prices fell back from their best levels Monday after the dollar index (DXY00) rallied to a 1-month high.
