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Barchart
Rich Asplund

Crude Oil Closes Lower as Focus Remains on OPEC and Red Sea Attacks

Oil OPEC United States EIA Angola AAA Red Sea

February WTI crude oil (CLG24) closed down -0.33 (-0.45%), and Feb RBOB gasoline (RBG24) closed down -2.84 (-1.32%).

Crude oil prices saw continued downward pressure from Wednesday's bearish EIA report and Thursday's news that Angola dropped out of the OPEC cartel.  However, crude oil prices saw support this week as more oil tankers were diverted around the south tip of Africa in order to avoid Houthi attacks on ships in the Red Sea.  Friday's U.S. economic reports were mixed for the energy markets.

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