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Barchart

Rich Asplund

Crude Moves Higher in Thin Holiday Trade

Oil EIA United States China OPEC

February WTI crude oil (CLG25) today is up +0.78 (+1.10%), and February RBOB gasoline (RBG25) is up +0.0107 (+0.54%).

Crude oil and gasoline prices today are pushing higher, with crude posting an 8-week high. Crude has carryover support from last Friday when the weekly EIA report showed that US crude inventories fell by -4.24 million bbl, a larger draw than expectations of -600,000 bbl. Crude oil prices also have support from Middle East tensions after the US military bombed Houthi targets in Yemen, adding to recent Israeli strikes. Gains in crude are limited after the dollar index today climbed to a 1-week high.

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