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Barchart
Rich Asplund

Crude Oil Gains on Iran Risks

Oil Iran Donald Trump OPEC United States IEA EIA

March WTI crude oil (CLH26) on Wednesday closed up +0.26 (+0.43%), and March RBOB gasoline (RBH26) closed up +0.0285 (+1.54%).

Crude oil and gasoline prices settled higher on Wednesday, with gasoline climbing to a 7-week high.  Crude found support on Wednesday from the IEA's decision to cut its global crude surplus estimate for this year.  Also, President Trump is still looking at possible military actions against Iran, which could disrupt Middle East crude supplies.  Gains in crude were limited on Wednesday after the dollar recovered from early losses and moved higher.

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