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Barchart
Rich Asplund

Crude Oil Prices Close Sharply Higher on Global Supply Disruptions

Oil OPEC United States Libya Middle East Red Sea EIA Vortexa

February WTI crude oil (CLG24) on Wednesday closed up +2.32 (+3.30%), and Feb RBOB gasoline (RBG24) closed up +6.32 (+3.02%).

Crude oil and gasoline prices recovered from early losses Wednesday and rallied sharply on supply disruptions in Libya and increased tensions in the Middle East.  Crude prices Wednesday initially fell to a 3-week low after the dollar index rallied to a 2-1/2 week high and as stocks fell sharply, curbing optimism about the economic outlook.  

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