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Rich Asplund

Crude Oil Closes Lower on a Stronger Dollar

Oil OPEC United States EIA Red Sea Russia Vortexa

March WTI crude oil (CLH24) on Tuesday closed down -0.39 (-0.52%), and Mar RBOB gasoline (RBH24) closed down -2.75 (-1.22%).

Crude oil and gasoline prices on Tuesday gave up an early advance and posted moderate losses as a rally in the dollar index (DXY00) to a 1-1/4 month high weighed on most commodity prices. Crude prices Tuesday initially moved higher on concerns about the escalation of geopolitical tensions in the Middle East after the U.S. and UK launched more airstrikes against Houthi rebels in Yemen.

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