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Barchart
Barchart
Rich Asplund

Crude Oil Posts a 1-Week High on Supply Uncertainty

Oil EIA United States OPEC Russia China Drone

March WTI crude oil (CLH25) Thursday closed up +0.32 (+0.44%), and March RBOB gasoline (RBH25) closed unchanged.

Crude oil prices Thursday climbed to a 1-week high and settled moderately higher.  Thursday's weaker dollar was supportive of energy prices.  Crude also has carryover support from this week's drone attack on a Russian pumping station that could reduce Kazakhstan crude oil exports by 30%.   In addition, crude has support from Wednesday when Bloomberg reported that OPEC+ is considering a delay of monthly supply increases that are currently due to start in April.  Crude prices fell back from their best levels Thursday on a mixed weekly EIA inventory report.

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