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Rich Asplund

Crude Closes Moderately Lower as Geopolitical Risks Ease

Oil Israel United States Iran Middle East OPEC

May WTI crude oil (CLK24) on Monday closed down -0.48 (-0.55%), and May RBOB gasoline (RBK24) closed down -4.00 (-1.42%).

Crude and gasoline prices Monday posted moderate losses as geopolitical risks in the Middle East eased slightly after Israel said it would remove some of its troops from Gaza. Losses in crude were limited Monday by a weak dollar and reports that there has been no progress in ceasefire negotiations between Hamas and Israel. Also, tensions remain high between Israel and Iran after Iran vowed revenge on Israel for an airstrike on Iran's consulate in Syria that killed some top Iranian military commanders.

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